Remortgage to buy business

[chrispmartha]

Quick question, i have around £180k equity in my house and I need £50k to buy out shareholders in my business to take 100% control, is it possible to remortgage for this purpose, as in does the bank need to know what the money is for?

[chrispmartha]

Sarnie said:

chrispmartha said:

Quick question, i have around £180k equity in my house and I need £50k to buy out shareholders in my business to take 100% control, is it possible to remortgage for this purpose, as in does the bank need to know what the money is for?

Will they want to know what the money is for? Yes.

Lending for business purposes would be declined by most lenders, although a few will do it, circumstances dependent........

Cheers

Im going to look into a small business loan instead, i’m sure that will be wuite tricky also?