Re: advice on releasing equity

I asked them and they said only if i could show 2-3 payslips for working. In fact the whole thing was a bit odd, a first I told them i wanted to borrow the money to pay of loans, and they gradually steered me round to saying it was all for home improvement otherwise it counted as debt consolidation. What was worse they offered to add it onto my existing mortage so practically no interest and also confirmed that my mortgage has no penalties for paying off at any time and that the extension would also have no penalties.

This leaves me in the even weirder situation of looking for ANY permanent job that can pay around 800 per month, waiting for 3 payslips, extending mortgage, sell property, pay off mortgage, quit job.

bizzare, any ideas on a method to extract all this cash I have locked up in my property

Talk to a large broker (eg

- the larger the broker the more experience they'll have of strange requests imo. Move into rental property & let house out - bank sees cash flow & allows remortgage, you move back somehow ? Daytona

I phoned charcol and they wanted to re-mortgage me but only with income, gave me a number of a firm who search for loans and they understood i was unemployed, said they would call me back within 5 days once they talked to the lenders who turned up on their search.

Doesn't look good so far, i just want to take some bricks from my property and cash them in down the bank.

"Daytona" wrote

Well, what about re-mortgaging for more than required? Put the excess on side to pay the mortgage interest for the next (few) months while house is tarted-up & marketed to be sold.

The lender could then see that the mortgage payments *will* be made for the next (say) 6 months - does anyone have a job which is much more secure than that nowadays anyway?!! :-(

I used to do this for clients (usually foreign) where their income streams were in soft forign currencies.

Charcol got back to me, (the other loan search they passsed me onto hasn't so far) and said they could do it but the costs involved with the remortgage would be 4 figures at least. Involving solicitors fees, valuation fees , there management? something? fee etc. And that is wasn't worth it, would be better to get a personal loan if possible.

If you want to know how it turned out, Lloyds offered me 4 loans of 1665 each at 26% interest each. Doesn't bear mentioning that I didn't take it . Sold the property to an investor for 205,000 who required no improvements to the property. Walk out of the door deal. I could see that the investors would make more out of rental income and always above whatever interest rates were applicable. But I was not in a position to take advantage of rental incomes. So 55,000 profit, out of the housing market , and Lloyds you can go ......

hope somone reads this after all this time,

In message , Rob writes

Good result. Not only have you made £50K, but you have the best part of £150K in cash.

Now.. in 1987, I sold my home, (£20K), to open my business. Within 2 years, the home that I sold was worth £40K. At that time, I vowed never to be without some form of property.

Can you buy a house for cash, say £100K. You then live rent and mortgage free, and are in a position to take advantage of the next boom, whether that is this year, or 5 or 10 years away.

Just a thought, based on experience.

Well done, and Good Luck!

In message , jane writes

???

He's done a deal and sold it, so doesnt need the finance anymore

If he wants to keep moving downmarket every few years...

Shame for those who want to move upmarket though.

But what was the value of the business, or the part equating to the £20K invested ?

Daytona

In message , Daytona writes

I actually released about £1800 or so, which was really neither here nor there in terms of the business. But by not owning a home during the 2 years, I lost a real £20K or so.