What's the best way to raise £50,000?

Posted on 23 May 2013 by Nola


I need to raise around £50,000 cash, I own my own home outright value £300,000 and another one value £125,000 I have a 48K mortgage on another property, value approx. 135K and a £50k mortgage on a property valued at around £100k in Tenerife. What is the best option to raise cash?? I don't have a huge income, although I have started two businesses one in holiday rentals (properties leased) and a Tea Room. (leased) we are not in profit yet.

Nola,

The simplest way would be to raise this on your main residence, subject to what you are looking to use the funds for. However the fact that neither of your businesses are making profit yet, is likley to limit our choice of lenders.

As well the major high street lenders, we have very strong relationships with those lenders who manually underwrite cases and can look at each case on its individual merits, and I think it's one one these type of lenders that we'd most likely look to approach.

If you'd like to talk in more detail about your enquiry, then please let me know and I'll arrange for you to talk to one of our consultants.

Regards,

Simon

simon.collins@johncharcol.co.uk

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