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Renovation

Susiesue22
Susiesue22 Posts: 6 Forumite
in Mortgages & endowments
I have inherited a property and it needs major renovation I need to borrow around £30,000 and I have limited income but the property is currently worth 200,000 what is the best way to borrow this money.

Comments

  • CloudCuckooLand
    CloudCuckooLand Posts: 1,905 Forumite
    Define 'limited'.
    Age.
    Is selling not an option?
    Act in haste, repent at leisure.

    dunstonh wrote:
    Its a serious financial transaction and one of the biggest things you will ever buy. So, stop treating it like buying an ipod.
  • Susiesue22
    Susiesue22 Posts: 6 Forumite
    I only work part time and my husband has been made redundant. Don't want to sell as the house is on the seafront and a great place to live. Only want a short term loan 3-5 years.
    Got a good few years before retirement.:)
  • CloudCuckooLand
    CloudCuckooLand Posts: 1,905 Forumite
    Do you own where you live now?
    Sell that and live by the sea!

    Otherwise, there are few options that would be affordable, or desirable, on a part-time and redundancy situation...

    Get OH to do the labouring for free...

    Wait until OH has a job again.
    Act in haste, repent at leisure.

    dunstonh wrote:
    Its a serious financial transaction and one of the biggest things you will ever buy. So, stop treating it like buying an ipod.
  • Susiesue22
    Susiesue22 Posts: 6 Forumite
    edited 10 March 2011 at 4:54PM
    we have a mortgage on current home and need somewhere to live while renovations are going on,:) don't want to sell till end of year as it is close to the Olympics and we are hoping to get more for it nearer to the start of the games at that time we would pay off any debts
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