Can I Remortgage My House To Buy A Business?
If you want to buy a business, you’ll be looking into all your options of how you can afford this investment. If you’re wondering if remortgaging could be the answer, we’re exploring this in our helpful guide.
Remortgaging can free up equity in your house. If you own a decent percentage of your home, this could be worth doing. You can negotiate a reduction in the monthly mortgage repayments or free up equity, and pool that extra money into your business investment.
You may be looking to start-up a business or buy a commercial property – whatever you’re looking to do, we’re looking at how remortgaging your domestic home could help.
Calculate how much equity you have in your home
You’ll want to see how much equity you have in your home. To do this you need a current market value of your home. You can then subtract any outstanding mortgage owed. Some lenders will only lend a percentage of the market value.
Can you remortgage to buy a commercial property?
Yes, you can. You may not be able to secure all the funds you require for a deposit, but it could contribute a considerable portion of cash that will help you reach your goals. If you are buying a commercial property, you will need to carefully assess whether you can afford to keep up on repayments for two mortgage plans. Lenders will also have strict criteria.
Can you remortgage a house to start a business?
Yes – you can also remortgage a house to start a business. You can use the extra money to invest in buying wholesale products, employing staff or even outsourcing essential services. You can use this money wherever you need to in order to get your business off the ground.
If you want to know if you can remortgage your house to buy a business, a mortgage broker can help. If you’re looking for a mortgage broker in Peterborough, speak to the remortgaging experts at Agentis. We are a whole of market broker and can help you find the right deal for your circumstances. Book your free initial consultation with us today.
*Commercial Mortgages are arranged by Introduction Only. Commercial Mortgages are not usually regulated by the Financial Conduct Authority.
*You may have to pay an early repayment charge to your existing lender if you remortgage.
