Currently unemployed but require to free up some cash

[maimai]

Hi, I've recently taken redundancy and have a small lump some in the bank. I need to get some additional cash for a project but unfortunately find that I cannot remortgate or get an additional credit card due to my 'unemployed' status. Does anyone know if there are ways around this - someone mentioned that you can get an 'advance' from your building society. I know it's something I will be able to pay back once I sell my flat. Any help appreciated. Many thanks

[Oneeyedvic]

1) How much are you looking to raise?

2) What sort of project is it? eg starting up businesses etc

3) What is the money to be actually used for?

4) How much equity do you have in your flat (ie the value and the mortgage outstanding) and is it currently up for sale?


All responsible lenders will want to know that you can repay the debt - there are lenders that will lend you the money until the flat is sold - they are secure as they have the property as security. They can also 'roll up' the interest until the flat is sold, saving you from any monthly commitmnets (but this depend on your equity levels)

[maimai]

Thanks for getting back. I've spoken to my building society again, and looks like I can now get a home improvement load. HOWEVER, the great thing (It's woolwich) is that I currently only pay �390 a month on mortgage - which is very low compared to London rent - however some new tracker rate is coming in tomorrow that can lower it to �270 with no penalties.... Always worth ringing and trying to change - they will do a lot to keep you.