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Release Equity from house
pmartin86
Posts: 776 Forumite
Evening all, quick story, keep it simple:
An opputunity to purchase a commercial property has come up for a well established business we allready run. The bank has issued an AIP based on secureing a 35% deposit. We are short on the depoist, is the potential to re-morgage the house top release quity for such an endevour? the the LTV would not pass 80% for the funds needed, and would be affordable from other income at 6%, also we are both in our early 30s so extending back to a 25 year term is possible
An opputunity to purchase a commercial property has come up for a well established business we allready run. The bank has issued an AIP based on secureing a 35% deposit. We are short on the depoist, is the potential to re-morgage the house top release quity for such an endevour? the the LTV would not pass 80% for the funds needed, and would be affordable from other income at 6%, also we are both in our early 30s so extending back to a 25 year term is possible
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Comments
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A capital raising remortgage for that purpose should be possible.
Be careful. As with most things, there will be one or two lender not interested.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.0
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