Raising Capital against my Home

theerroll

Good evening,

I am looking for some advice regarding borrowing against my home which I own out right for the purpose of clearing debt and to use toward a business start-up.

My home is worth between £200,000 to £220,000 and I am looking to borrow in the region of £70,000.
I have existing debts of around £28,000 which I am paying off a minimum of £600 pm, although I usually pay between £700-£800 pm.

The rest will be used toward a business start-up, but I will also remain in my current job.

My basic annual salary stands at over £38,000 although in the previous tax year I made £63,000 and this year I am already over £53,000.

According to Credit Expert my Score is 'fair', to be expected due to the large amount of credit I am currently using.

Does anybody here think it would be plausible for me to raise the capital against my home and what would be the best possible way of doing so?

FYI, The reason I intend to clear my debts as well as raise capital for the start-up is because I believe that across a 25year mortgage my repayments could be lower if not similar to my current commitments.

Many Thanks in advance I look forward to reading your replies

Thrugelmir

You find it challenging to find a lender willing to advance you money for the purposes given. Days of a property being an ATM are over. Lenders have their own backsides to cover. You may well be able to obtain a secured loan from a finance house. However unlikely to be at a low residential mortgage rate.

theerroll

Even if I intend to remain in my current employment?
Also what does ATM mean?

Thanks for the response

KB2018_2

I am in a very similar situation and would love to know your outcome!

dimbo61

" ATM " cash machine !
Taking money out of your property is now much more difficult.
Lenders will want to know how you have built up debt.
Business plan for the new business you want to set up