Borrowing large amounts of money??

[Katymac]

Will my mortgage company lend me money against the equity in my house?

Is this a good way to raise money to start a business?

Should I tell them it is to start a business?

Should I borrow off someone else?

Help I don't know what to do??

We have just remortgaged our house to free up money as it is now worth more than we bought it for, we are not overstretched and total amount is weel withing what we can get with respect to our wages. DH ended up arranging it and I think there was vague mention of consolidating debts but they wern't to interested I think.

Some borrow money for hoildays and other luxuries so as long as you can make the payment they will probably be happier knowing that you are investing in something that will produce a revenue surely.

You could just not tell them or tell them it is for personal projects or something.

or just flash your cleavage .

Secured makes sense for the lower rates on larger amounts, but, when I worked for a bank we did have to ask the purpose of the loan and 2nd charge loans/equity release couldnt be used for business purposes or to purchase another property here or abroad.

But it's true not every bank may ask the question.

Oh dear

My friend is a business manager at a high street bank and she deals specifically with loans for starting up businesses.

That type of loan is quite expensive - but I might have to go for it

It might be worth looking into?

I know she goes out on site visits a lot and also gives business advice...

Only just seen this

I guess I'm too late

Never mind - I will have to make an appointment to see my Bank Manager