June 6th, 2010
What’s the best way to raise some cash. approx £50,000 needed?
I’ve been asked by a friend if I want to go 50/50 towards buying some property ?
I already have a mortgage and obviously could remortgage but would want to repay the loan as quick as poss so I may incurr some costly penalties.
Before I do the usual and approach my mortgage company, does anyone have any other “legal” ideas of how I could raise the money ?
thanks…
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Filed under: Buy Property
depends what you mean as property if its an nvestment would be best getting a buy to let mortgage on it and you can do it only on your half
Win the lotto.
You could possibly raise the capital by remortgage but the interest incurred would cripple you.
There aren’t any.
If you don’t have the liquid assets then nobody is going to take a risk on you.
The only other alternative is to look into specialist property investment companies that recruit investors to invest in the bulk purchase of new developments and guarantee you a certain return within 5 years of your initial investment. You could usually expect about a four fold profit. Then you might have sufficient assets to think about buying your own property. Good Luck.
Is this the joke page or have missed my turning?
find a little job to get some extra cash. It will take you a while to get $50,000 but you will be closer to it than u are now.
There is alwayl]There is always Abbey
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u wont raise that amount on here.
NEVER EVER go into any form of business with a friend. If you don’t know how to raise the money, then business of any sort is not your game and I do not mean that in a derogatory sense at all . . . we are all good at different things. If your friend needs the money to complete his/her dream and can’t raise it on his/her own, then warning bells should be ringing already. For your own sake, please don’t go down this route . . . especially in the property market as it is today, when even the professionals are having to scratch around.
DO NOT under any circimstances contact the likes of Donmartin who has contributed to these answers.
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The cheapest way to borrow money is normally a mortgage. I have never seen legitimate personal loan rates which were lower than high street mortgage rates. Added to this, you will need a lot of collateral to borrow 50K and this collateral is normally provided in the bricks and mortar you are borrowing against, making it a mortgage offer.
Shop around and find a mortgage with no strings or early repayment clauses. I wouldn’t expect you to have too much trouble raising the money if the purchase price is realistic and you have collateral in your own home. But consider the risks if it goes wrong and you have to sell at a loss!
Note, you can invest savings on the high-street at over 6% and would have no trouble getting 5.75% in an instant access account. This in mind, anybody offering you a personal loan of 50K at 5% is being disingenuous. Watch out!