oh dear, suddenly need £50k

snickpan

capital gains tax was WAY more than I had budgeted for, need £50k on top of the £40K that I'd kept back.  I have 3 mortgages with a lot of headroom: one residential, two buy-to-let.  I'm waiting for my financial advisor to ring - will they have my interests at heart, or just want to sell me something that gets them the commission?  I totally understand by the way, they have children to feed!  Would a personal loan be better, rather than remortgage?  I realise there may not be one specific answer.
How large to personal loans get?  Virgin seem to top out at £35K...
Anyone been in the same boat?

DullGreyGuy

Various high street lenders will go to £50k or more on unsecured borrowing. There are specialist lenders that will go beyond these numbers too. 

As to your "financial advisor" it will depend if they are an IFA or non-independent and if it's an advised sale or non-advised. For any advised sale they have to be able to justify why they made the recommendation and their commission level cannot be the reason. For non-advised sales they just give you the relevant information and it's up to you to decide if it meets your needs or not. Obviously if they are tied to certain providers they'll only consider from those products offered and not the wider market. 

snickpan

well, advisor advised me to approach HMRC to ask for a repayment plan (way smaller interest rate than banks), so I'm off to do that, cap in hand

MEM62

On the basis that CGT is paid on a financial gain, are there not sufficient funds realised from whatever asset you disposed of to cover the CGT bill?  

DullGreyGuy

snickpan said:

well, advisor advised me to approach HMRC to ask for a repayment plan (way smaller interest rate than banks), so I'm off to do that, cap in hand

HMRC charge base rate + 2.5% so 7.75% right now but is liable to move.

 If other banks are offering higher or lower rates will depend on your circumstances but they will be fixed rates and so it does somewhat depend on your view of interest rate movements over the period of repayment. 

Kim_13

Kept back suggests that OP no longer has that money, but perhaps there’s another asset that could be sold without incurring a large bill as it presumably won’t have increased in value yet? 

Has the bill definitely been calculated correctly? Underestimating the bill by more than 50% makes me wonder.

HobgoblinBT

Sounds like you have over extended.  

Common sense says pay the £40k you have kept back, agree a monthly payment plan until you can sell one of your Buy to Let’s to realise sufficient to pay the balance.  

Also, read up on CGT so as not to be caught out again.