re mortgage

[KOPFILE]

how long do i haveto have a mortgage before i can re mortgage it ? i bought a house 8 months ago and its gone up �50,000 already, i want to open a caf� and i need finance

[sherryberry]

Strictly speaking, you can remortgage at any time. However, be careful because you may have early repayment charges (these can be as much as 5% of the loan you originally took out). Depends on the lender and the mortgage product you took out. Also lenders may look at your credit history and wonder why you are remortgaging so quickly.

BUT most mortgage lenders specifically exclude lending or remortgaging where the additional finance is to be used for business purposes.

If you want to open a cafe, think about how much finance you will actually need. A business loan may be better because then it's not secured against your home. So if the business goes pear shaped at least you've got a home at the end of it.

Hope this helps - glad that your property investment has gone so well.

[Oneeyedvic]

Are you in the UK? Am asking as you use the Euro symbol as opposed to the � sign, and it is difficult to think of an area where a house has gone up by �50,000 in the UK in a pretty static market.

As sherryberry says, you can remortgage whenever you want - you need to check your policy to see what your redemption figure will be (or just call up the bank and ask them for a redemption penalty).

Most UK banks will also let you havea further advance on your property once they have had a few payments.

Depending on how much you want, you may be able to get a business loan, but if its anymore than about �20,000 then it will be secured on your house anyway.

If it is equipment you are looking for to furnish your cafe, then a lease is normally unsecured and e'easier' to obtain, but the rates will be higher than a mortgage.

[KOPFILE]

no i'm in dublin ireland thank's folks