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    • Stellaah
    • By Stellaah 17th Mar 17, 9:22 AM
    • 12Posts
    • 2Thanks
    How can I raise 20,000?
    • #1
    • 17th Mar 17, 9:22 AM
    How can I raise 20,000? 17th Mar 17 at 9:22 AM
    Hello everybody,

    I'm hoping someone might be able to help.

    I recently moved to rural Cornwall and bought a property that needs a lot of work. I would like to raise 20,000-30,000 to enable me to do the work. I don't have a mortgage and the property value is approx. 450,000. In moving I have also started working on a self-employed basis so don't have three years of accounts to show to a lender. (Nor a strong enough income in these early stages but an income that is steadily improving.)

    How can I raise the money with the collateral I have? As I have no children would embarking on an equity release agreement be a sensible option? I am not planning on moving again and am 56 years old. Unfortunately I don't have a pension I can tap into. My partner has a good pension of 80,000 but is only 52 so can't access it.

    Very much appreciate any help/guidance anyone can give.

    Thanks very much for reading this.
Page 2
    • Stellaah
    • By Stellaah 17th Mar 17, 6:43 PM
    • 12 Posts
    • 2 Thanks
    Hi Shakin Steve,

    Our businesses are too young to enable us to secure a mortgage against. Ideally, yes I would much prefer that and have the loan paid off sooner rather than later.
    • 27cool
    • By 27cool 18th Mar 17, 10:41 AM
    • 259 Posts
    • 201 Thanks
    You might be mortgage free, but you will certainly not be debt free if you have to borrow to refurbish the property. It seems to me that it would be sensible to get a small mortgage to cover what you want to do.
    Presumably, that's what a mortgage is. A loan against the collateral of a property.
    If there is a minimum amount for a mortgage you could always pay it back as early as they will allow.
    Last edited by 27cool; 18-03-2017 at 10:44 AM.
    • Shakin Steve
    • By Shakin Steve 18th Mar 17, 11:55 AM
    • 1,396 Posts
    • 1,123 Thanks
    Shakin Steve
    A mortgage broker would be my first port of call, at least you'll then know whether that avenue is open to you or not.
    I came into this world with nothing and I've got most of it left.
    • Stellaah
    • By Stellaah 18th Mar 17, 1:25 PM
    • 12 Posts
    • 2 Thanks
    Thanks Shakin Steve,

    Yes, that does make sense. Thanks for taking the time to help.

    Thanks 27cool too.
    • MoneySaver123
    • By MoneySaver123 23rd Mar 17, 10:08 PM
    • 42 Posts
    • 4 Thanks
    Forgive me but could you not just take out a secured loan against the property? Find one that's flexible and allows early repayment without fees...
    • Stellaah
    • By Stellaah 23rd Mar 17, 11:47 PM
    • 12 Posts
    • 2 Thanks
    Thanks Moneysaver 123, the problem with the loan is having new self-employed businesses without the required three years of accounts. It looks like the credit card option is the best bet and balance transferring to a 0% card. Thanks for posting.
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