Need cash injection

Tony_Cresswell

Hello! I require a cash injection to get my home project up and running again, but as I've worked on it for almost 2 years - and not earned I cannot get a 'conventional' mortgage - no salary!

The property is worth £300k as it stands and I need some £60k to finish it when it will be worth c.£475k.

Where would I best go to get and what kind of mortgage/loan? to get me going again. BTW I expect to get the £50k from my divorce settlement but dont want to wait for it to come through - maybe a year or two!

Any quick answers? More info if requested. - and thanks

Rafter

Tony,

There is no way you will get that amount of loan unsecured. You need to get the loan secured on the property and sounds like you are going to need some sort of specialist equity release arrangements as you will not be able to afford repayments.

The only other solution is to go for some sort of self certification mortgage for about £75,000. £60k to complete the project and £15k to meet the repayments until it is finished?

I guess much will depend on whether a surveyor will actually certify the property for mortgage purposes - again you may need a specialist lender who deals with renovation or building projects.

The final alternative is to get a job and work part time on the property.

Hope this info helps - I'm not sure there is a quick answer.

R.

Tony_Cresswell

Thank you for that friend. I must sound a muppet in that all I do is BUILD and sod the money sid eof it, but as I said, until I get some cash from my divorce settlement, I cant go ahead with the works and I seem to be trapped in a loop.......

Still trying to think of summat though.......... DESPERATE to get in there I tell you! - 'Dunrentin' - and all that"!