Posted on 27 April 2012 by michael
I have a house without a mortgage worth around £230k; but I need to raise capital to finish the work and also to pay off overdraft/credit card of around £6k and to invest in my business. I am a sole trader with a carpet cleaning business; as my business has slipped to page 7 of google need to update that with SEO etc. The last two years of accounts were below £5k after expenses etc. It seems impossible to get a mortgage or a loan and every avenue seems to be income based. Any ideas?
I regret that without a provable income that covers the amount you want to borrow, it will not be possible to get a capital raising mortgage on your property.
There are ways and means of obtaining a mortgage, but as these would involve a certain amount of fraud there is no way I can recommend or condone going down this avenue.
I expect that you have done so already, but in case you haven't, I recommend that you speak to your own bank as they will have first hand experience of your ability to meet any mortgage payments and also your risk as a potential borrower.
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