Raingin finance for a house

Peterr_2

HI all this is my first post though Ii have been an avid user of the site for several years.
I need advice on raising finance

I have been trying to buy a delapidated house which was converted from an old pub converted ten years ago.

The owner died and it stinks of cats, has 20,000 of work needed and I could not get a mortgage on it. itr is huge and would make a great home

It costs 92,000

I have been able to raise 75000 on my current house I will then rent out after i have done renovations.
However I need to find another 27000 to pay for the rest of the house price and fees.
I have good credit history
I can raise 10k on my Halifax one card at 9.8%
I have another 9K in shares

I could get more money from another card but have been warned about the cards hiking rates and lowering credit limits leaving me with a large bill

What advice can you give where to raise capitol for the house .
A&L charges 8% on their loans
Halifax 12.4%

Any advice would be most welcome
Peterr

Milliewilly

Is 92K the lowest price they will accept if its cash only?

CloudCuckooLand

£92k + £20k = £112K.

£112k - £75k raised so far, leaves £37k to be found, rather than £27k.

Not sure if you mistyped something somewhere, but you appear to need another £18k after raising £10k on the credit card and cashing in £9k shares.

Plus fees to purchase, solicitors etc.

Not the sort of amounts to be put on credit cards at high rates.

Also, imo, if there isn't a developer already pouncing on it, cash in hand, I would suspect a problem that has yet to be uncovered.

Peterr_2

Thanks for your reply. The property is very large but does not lend itself to development due to parking issues. I have had my eye on it for three years.
It is also in a South wales area not conducive for development but meets my needs.

Initially the price agreed was £180,000 in April 2007. They have come down to 92k. Ironically I could have raised a mortgage for the 180k. However this was just before the old man died and the property went into probate .

I have had a full structural survey done on it . it needs part of a new roof and has damp issues.

Every property I have lived in I have renovated so am not phased by this one.
the costs I have given include all fees ,solicitors, consultants, etc.

I need to get it water tight then can slowly renovate over the years.
hope this helps