Being a homeowner, you may have sufficient equity in your property to be able to remortgage. Although this will probably increase your monthly repayments, it is one of the quickest and easiest ways to raise a deposit.
Joint Venture (JV)Using other people’s money is definitely an effective way to raise finance. There are many people who are ‘sitting pretty’ with plenty of money in their bank account who do not have the time or inclination to use the funds for property investment. Begin by looking to a joint venture with close family, friends, work colleagues eventually networking with people too busy to invest themselves but who would be interested in a joint venture.
Here are two examples of ways in which a JV can work for you.
1. Equal partners can both contribute 50% each towards the deposit and refurbishment costs.