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re-mortgage to start a business
Marvin27
Posts: 3 Newbie
Hi all
I would like to re-mortgage my home (in a few months when my fixed rate runs out) and borrow extra on top the balance to start up a business. I'm still in full time employment and would stay in full time employment until my business grew to a point where a could leave my current job. Everything I've seen and heard says that banks are reluctant to allow re-mortgages to start a new business. Can anyone tell me different or point me in the direction of banks that do allow this, please?
Cheers
Deano
I would like to re-mortgage my home (in a few months when my fixed rate runs out) and borrow extra on top the balance to start up a business. I'm still in full time employment and would stay in full time employment until my business grew to a point where a could leave my current job. Everything I've seen and heard says that banks are reluctant to allow re-mortgages to start a new business. Can anyone tell me different or point me in the direction of banks that do allow this, please?
Cheers
Deano
0
Comments
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There are lenders who will lend for anything but yes most lenders do not like lending for business purposes. Any half decent broker should be able to do this.I am a Mortgage AdviserYou 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.1
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Banks will happily lend you money to start up a business (assuming you're putting in enough of your own cash too), but that's business lending, you're looking in the wrong place if you think you can do it with a standard residential mortgage.
1
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