How can i do this?!

SAMSONFIN13

I moved into a bit of a wreck of a house about a year and ahalf ago but i was mortage free finally I own my house outright and after spending 6 months working on it i its worth about £225000 approx (50k more than i paid)

It wasnt a money making project but now for various reasons i dont want to live around here anymore so i've considered selling but the market is hard at the moment so thought about to letting the property (looking at local figures i'd get around £1400 a month rent)

i'd like to borrow £55000 of the equity to consolodate around £25000 of cred card / loan debt and buy a narrow boat or similar for around £30000 (please dont start telling me pro's and con's of narrow boats etc V property! i'm only intersted in if i can raise the finance for now thanks, its more about a change of lifestyle than making money!)

I know i can do a let to buy and buy another standard property flat house or whatever but that would mean borrowing a lot more and probably ending up with two mortagages which especially at the moment with interest rates i dont want, last thing i want is to be fanacially stretched and more stressed! (dont advise not to move please part of the reason i'm stressed is current living situation!)

My credit file is fine apart from the amount of debt i have which makes getting a standard loan hard or impossible from looking into it!

I'm self employed my income particularly at the moment is all over the place i'm fed up of trying to juggle balance transfures etc so just want to consolodate and simplify!!

By the way most the money on the cred cards & loan was spent putting new windows, boiler, kitchen, bathroom etc into the house its not money i've blown!

From looking at it £55000 interest only on a buy to let/let to buy mortage would cost around £220 a month so even after agent fee's & mortage etc i'd still see £800-£1000 a month

Again i know this is in ideal world condition not taking into account wear & tear repairs etc tax and other potential pit falls i'm only interested in if the fanance can be raised and if so how?!
Thanks

CSI_Yorkshire

Taking a 25% LTV BTL mortgage seems like quite an easy possibility.

Have you spoken to a broker or mortgage lender about it?

SAMSONFIN13

CSI_Yorkshire said:

Taking a 25% LTV BTL mortgage seems like quite an easy possibility.

Have you spoken to a broker or mortgage lender about it?

Hi it the issue of me not buying another standard property to live in, if i was doing a "let to buy" and buying another house or flat then yes its pretty simple but to just raise £55000 out of my property  to pay debts and buy a narrow boat seems to be hard for some reason! i guess it's unusual so doesnt compute!!

MWT

SAMSONFIN13 said:

Hi it the issue of me not buying another standard property to live in, if i was doing a "let to buy" and buying another house or flat then yes its pretty simple but to just raise £55000 out of my property  to pay debts and buy a narrow boat seems to be hard for some reason! i guess it's unusual so doesnt compute!!

With your budget I assume you are going for the 'continuous cruising' option with the narrow boat and that is probably not helping your case as you will have no permanent mooring, and lenders do not like BTL on your only residential address as they believe there is a risk you will need to return to your property and thus eliminate the income which is supporting the mortgage...

ACG

Speak to a broker. It should be a doddle for someone with some experience.