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Very confused RE house purchase advice appreciated
dizzydonkeys
Posts: 64 Forumite
Hi,
Hope you knowledgeable people can help me out, seen a house we love so have put an offer in and is likely to be accepted.
We are in the very fortunate position that it is very cheap as needs renovating and are going to be cash buyers.
The problem is we then wouldnt have the cash to renovate, need approx 30k which OH's dad has offered to lend us but would need back soonish, so plan would be purchase, renovate then .......
Do we mortgage the property for the 30k? Is this possible or get a loan or something entirely different?
Am assuming you can get a mortgage on a property even though you already own it?
Am sure the above is a super stupid question but hoping I can get a rough idea before we lay out the cash.
Thanks in advance
Hope you knowledgeable people can help me out, seen a house we love so have put an offer in and is likely to be accepted.
We are in the very fortunate position that it is very cheap as needs renovating and are going to be cash buyers.
The problem is we then wouldnt have the cash to renovate, need approx 30k which OH's dad has offered to lend us but would need back soonish, so plan would be purchase, renovate then .......
Do we mortgage the property for the 30k? Is this possible or get a loan or something entirely different?
Am assuming you can get a mortgage on a property even though you already own it?
Am sure the above is a super stupid question but hoping I can get a rough idea before we lay out the cash.
Thanks in advance
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