Best Home Development loan without Mortgage

davedj79

Hi there, hoping for some advice. My partner has inherited her parents home after their passing. The property is worth around £300,000 and has no outstanding mortgage or debt. The house needs a lot of TLC and we're looking at a small extension, plastering, new kitchen, new upvc windows and doors etc.

This work should come in between £50k and £60k. She would like to do the borrowing herself so a single application is what we're looking at. We're both new to Mortgages etc. What would be the best way to go about borrowing to carry out this work? She's no other debts and in full time employment. Should this just be a Mortgage or is there some kind of product for developing a home using the equity or simply a secured loan to attract a better rate?

Any help and advice appreciated!

Cheers
David
:money:

kingstreet

It's a remortgage of an unencumbered property.

Any other option (unsecured loan or secured loan) will have higher rates.

She'll get a tracker or fixed product around 3%. You will not get anywhere near that using any other option.