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remortgage house for money for new business and consolidate car loans

tommy261187
tommy261187 Posts: 1 Newbie
in Mortgages & endowments
hi


I am new to thins kind of thing, basically, I own a house for £1m without a mortgage, I want to put £180k into a new business and pay off my car loan which is £15k and my wives car loan which is roughly £5k


is it possible to just remortgage my house and consolidate my debt into one remortgage payment?


thanks

Comments

  • kingstreet
    kingstreet Posts: 39,465 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    What is the source of income for the mortgage payments?
    I am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.
  • ACG
    ACG Posts: 24,997 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    There are a few lenders who will allow you raise a Mortgage for business purposes, but not that many. Normal rates will be achievable.

    However, the lenders will need to know how you will be able to repay it and a new business will not satisfy that requirement...Which I think is what Kingstreet is alluding to.
    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.
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