FTB Advice

valleylass

Hi Guys

Am looking for some advice please. Have just had an offer of £60k accepted on house and have a £7k deposit for the property so would have a £53k mortgage. The repayments are more than managable. I earn 24500K no loans, no dependants.

My question is would I be able to borrow approx £10k to undertake renovations on the property? Other houses in the street are selling for £110k, its just this one needs gutting!

I would have more money to spend on the property in a few months from the sale of BFs house, but obviously we need that to sell first and we would need to undertake some work straight away to make the property liveable in for the meantime.

Would it be better to have a seperaete loan of 10k or one linked to the mortgage? If this is at all possible

Thanks in advance:j

beecher

How bad is the property? Are you sure that you will be able to get a mortgage on it, ie is it habitable.

_Andy_

You'll need to get a personal loan, otherwise you'd be wanting to borrow as a mortgage more than the house is worth, which isn't possible.

valleylass

Hi

it is habitable and we could move in once completed if we wanted. It has bathroom, kitchen etc. Its just we would want to replace the bathroom have it replastered etc and from past experience its much easier when you're not living in it! We're lucky in that my parents live a few minutes away and we could stay with them whilst carrying out the work.

My BF should earn around £20k from the sale of his house which we plan to use its just it could take 6-9months for that money to come through and ideally we would want to be living in the new house by then.

beecher

I'd have thought it would make more sense to wait til your BF's property sold, and then you'll know exactly how much money you will have rather than pay interest on a loan. Otherwise, maybe a 0% credit card might be a possibility for at least some of it?