Small mortgage/loan req short term

lynnnie123

Hi
We recently sold our home and paid off the mortgage. With the profits we have of £205,000 we bought a semi derelict coachouse and land with pp to renovate. This purchase cost £160,000. We have £40,000 left from the proceeds and savings of £55,000. We need £160,00 for renovation costs and therefore need only to borrow £60 - £70,000 by way of loan/ mortgage to do this.
We are myself 50 and husband 46 years old and have a joint income of £47,000 per year.

We have held on to two endowments which mature in 2114 and total approx £24,000.

What would be our best option with regards to a mortgage. we would hope to use the endowment proceeds to pay off some of the mortgage when they mature. Is this the best way forward.

thank you fir any advice
Lyn

Thrugelmir

Approach a mortgage broker who specialises in such products.

Try Googling "renovation mortgages".

Conrad

Hello

If it's habitable with working heating, kitchen and bathroom then you can consider a high street lender. Be aware some have a funny 6 month rule before they can lend.

Otherwise you'll need a specific renovation loan. Try your own Bank first, if not there are some small specialist lenders for this but thier rates are steep.

Cheers