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Borrowing money for home improvements against a mortgage free property
Hi,
I recently inherited a property that is mortgage free but the only offers we are getting at the moment are scandalously low (£40k) and I'm thinking of borrowing some money against the property, completing some refurbishments (it is in a bit of a state and needs replastering, rewiring, new kitchen etc) and then putting it back on the market.
Will a bank / mortgage lender be interested in a short term secured loan? Any ideas / guidance gratefully received.
I recently inherited a property that is mortgage free but the only offers we are getting at the moment are scandalously low (£40k) and I'm thinking of borrowing some money against the property, completing some refurbishments (it is in a bit of a state and needs replastering, rewiring, new kitchen etc) and then putting it back on the market.
Will a bank / mortgage lender be interested in a short term secured loan? Any ideas / guidance gratefully received.
0
Comments
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You could look at an equity release loan for the property but make sure you do your homework on what your ceiling price is,0
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mortgage companies will lend 40K on the property if you meet their lending criteria
i.e. income, loan to value ratio, credit history, age0
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