Just bought a house with cash need mortgage / loan

Biomass1

Hello, I have just purchased a property which i paid £125,000 cash for. I would like to borrow some money in order to fix the property up. The amount i want to borrow is £40,000. I wanted to know what is my best option what type of loan / mortgage is available to me.

I have no other mortgage, this was my first home that I just purchased, I currently earn £27,500 pre tax.

Thank you

Thrugelmir

You'll need to own the property for 6 months before remortgaging.

GMS

General rule is 6 months ownership prior to refinancing but there may be an option. As you are not looking to raise against a higher valuation than the original purchase price you may be able to do it.

Have a chat with a broker to see if there is a way forward.