Good position but nobody will lend

nicholbb

Hi,
A residential mortgage with those figures is going be hard on affordability, it's not your situation.

The £12k credit card debt hitting max amount of the mortgage potentially, then the personal loan eating into your affordability (£380 a month?).


So you'll have to go down the business route and treat it as a business. Whilst his means you pay, you will be writing things off against tax and getting other benefits. Get an accountant!

Do you have 3 years of accounts? If so a business plan will get you the required loan. Else you'll need a really good business plan.
There are also grants for small and new businesses, these are sometimes area dependent but can be used to buy assets and make investments.

nkomp18

I think the person above meant to suggest P2P lending company called Zopa. But I think the lend up to £25000

getmore4less

52 weeks with 26 50% 26 100% 2 properties is 78weeks.

Are you really making £770pw after expenses.

Broadyx

I can't help with the business side of it, but from your existing mortgage point of view, it won't matter what their current lending criteria is for a product transfer - you will be eligible to take out a new product to prevent you going on the variable rate, however you will not be able to do a further advance on the mortgage unless you satisfy their lending criteria.

Before you do a product transfer consider if you will be looking to remortgage in the next few years if the right deal becomes available that enables you to take out the extra 30k as you will need to factor in early repayment charges depending on the product. Therefore consider if reverting to the variable rate for a short period is a better option and then remortgaging the whole lot once you find a broker whose fees you are happy with.