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Urgent advice needed on releasing equity - meeting bank on Wednesday!
JWJo
Posts: 2 Newbie
hi
we have about £145k equity in our house and are looking to release 15k so we can do urgent house repairs. I am meeting our bank on Wednesday and they told me to bring my last 3 months wage slips and my husbands last 3 months of accounts. His are fine, but I resigned from my job in December and haven't worked for 6 months as I took a career break. I sold jewellery to fund this so we have missed no payments on anything. I am now working freelance as a solicitor and have set an online business up but my income at the moment is zero. I am starting temp work in August just to be able to pay the bills until my business gets off the ground. I know the regulations changed last April and its made getting a mortgage really difficult. Are the bank likely to say no to me wanting to re-mortgage literally to release 15k equity because of my current situation ? Is there anything I can say to them which will increase my chances? My parents own their own home outright which is worth £275k if my Dad guaranteed my payments would that help? Is there anything which can be done, I literally want to take 15k out and have 145k in this house.
thanks for any advice my meeting is on Wednesday I just want to be a bit forewarned.
we have about £145k equity in our house and are looking to release 15k so we can do urgent house repairs. I am meeting our bank on Wednesday and they told me to bring my last 3 months wage slips and my husbands last 3 months of accounts. His are fine, but I resigned from my job in December and haven't worked for 6 months as I took a career break. I sold jewellery to fund this so we have missed no payments on anything. I am now working freelance as a solicitor and have set an online business up but my income at the moment is zero. I am starting temp work in August just to be able to pay the bills until my business gets off the ground. I know the regulations changed last April and its made getting a mortgage really difficult. Are the bank likely to say no to me wanting to re-mortgage literally to release 15k equity because of my current situation ? Is there anything I can say to them which will increase my chances? My parents own their own home outright which is worth £275k if my Dad guaranteed my payments would that help? Is there anything which can be done, I literally want to take 15k out and have 145k in this house.
thanks for any advice my meeting is on Wednesday I just want to be a bit forewarned.
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Comments
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If the loan is affordable on your husbands income in the banks eyes, and they are happy with the rest of the criteria then you should be fine.I am a Mortgage Adviser
You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
but what do you literally want to do?0
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it is to build an office in my garage so a garage conversion, as I am now working from home. I have stock at home and am running an online business as well as doing freelance work as a solicitor. I just can't keep doing it from my bedroom I need more space.0
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Rent yourself a small office. Will make you appear far more professional.0
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Not judging, but that is not an urgent house repair by any definition.
Have you had 3 quotes advising you this will be the cost?0 -
Do you have permission from the mortgage company to run a business from home?Slummy mummy!0
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