Want to borrow to renovate house before selling, no income...

BrassicWoman

pharmakopoeia wrote: »

Ok thanks for helping me to understand the mentality of lenders, I will be getting a McJob when I move!

Please visit the employment boards for a discussion on the difficulty of picking up a mcjob first.

I'm guessing this isn't really about the house or money, but about wanting to leave your current life in some way. I think you need something more viable to move to and selling the house as is now may give you the funds to make better sustainable choices?

Herzlos

It's definitely better to get a job whilst up there so you don't need to rely on a loan, and do what work you can do in your spare time.

It's also worth considering that there will be stuff you can't do (not experienced enough to licensed i.e. gas work), for which you'll need to hire a professional, and that's a lot easier whilst you have some sort of income.

If you've not got any rent to pay, you might even be able to do quite comfortably with a part time (16-24 hour) job, giving you lots of time for the renovations, without the loan repayments or 12-18 month deadline looming over your head.

bayzat

You can think about getting an equity release mortgage and then paying it back when you sell the property. Do some calculations, this might actually be profitable for you if you can sell the property at a better price after its renovation.