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loans from either buy to let or right to buy mortgages

chorea
chorea Posts: 8 Forumite
in Loans
Hi i'm really hitting a brick wall here and i'm hoping somebody can help or at least point me in the right direction, Me and my partner are looking to be debt free we require are 25k so we thought that a secured loan or money gained through a re-mortgage would be the answer how wrong we were!! Can anbody tell me how we can get a loan on a buy to let property that has over 80,000k equilty or how we can borrow money on a right to buy mortgage that we have been accepted for but yet to apply for any lenders this house also has 60,000 equity?? We just keep hitting hurdle after hurdle and we just want to make a few home improvments and consolidate our debt!!

thanks in advance dave

Comments

  • Pixie5740
    Pixie5740 Posts: 14,515 Forumite
    10,000 Posts Eighth Anniversary Name Dropper Photogenic
    Duplicate threads on the Debt Free Wannabe board and Mortgages & Endowments board.
  • dealer_wins
    dealer_wins Posts: 7,334 Forumite
    Borrowing money wont make you debt free?

    And right to buy when you have a buy to let property?
  • dresdendave
    dresdendave Posts: 890 Forumite
    Part of the Furniture 500 Posts Photogenic
    chorea wrote: »
    Hi i'm really hitting a brick wall here and i'm hoping somebody can help or at least point me in the right direction, Me and my partner are looking to be debt free we require are 25k so we thought that a secured loan or money gained through a re-mortgage would be the answer how wrong we were!! Can anbody tell me how we can get a loan on a buy to let property that has over 80,000k equilty or how we can borrow money on a right to buy mortgage that we have been accepted for but yet to apply for any lenders this house also has 60,000 equity?? We just keep hitting hurdle after hurdle and we just want to make a few home improvments and consolidate our debt!!

    thanks in advance dave

    The highlighted statements appear to contradict each other.
  • chorea
    chorea Posts: 8 Forumite
    didn't realize this wasn't allowed
  • chorea
    chorea Posts: 8 Forumite
    we just want to make a few home improvments and consolidate our debt!!

    we need a loan for home improvements and to pay off a few debts is that clearer??
  • Sncjw
    Sncjw Posts: 3,567 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    How much are your debts. The lender will asses you on affordability of the current debts plus 25k. Not just the 25k they will lend as they don!!!8217;t know and there!!!8217;s no garuntee of you using it to pay the debts off
    Mortgage free wannabe 

    Actual mortgage stating amount £75,150

    Overpayment paused to pay off cc 

    Starting balance £66,565.45

    Current balance £58,108

    Cc around 8k. 

This discussion has been closed.
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