Need to borrow against my place to pay for renovating fianc!'s then sell mine

rmlj

Hello. Advice needed. My fianc! and I need to borrow c £80k to pay for renovating his place - hopefully to be completed by Christmas. I have £120k equity in my place that we want to release to pay for the work, and then repay when I sell my place. My mortgage provider won't do such short term lending. Any recommendations or suggestions? Many thanks!!

HappyMJ

rmlj wrote: »

Hello. Advice needed. My fianc! and I need to borrow c £80k to pay for renovating his place - hopefully to be completed by Christmas. I have £120k equity in my place that we want to release to pay for the work, and then repay when I sell my place. My mortgage provider won't do such short term lending. Any recommendations or suggestions? Many thanks!!

£80k to renovate a property...what is it...a mansion?

You can sell your place now then move in and renovate in stages whilst you are in the property. If the work is costing £80k there should be plenty of space for you to live in whilst the work is being done.

rmlj

Thanks for a quick reply. No not a mansion! Attic conversion and side/rear extension, effectively doubling the size. Moving in whilst all that's done not possible, hence the need to realise cash from my place.

amnblog

Speak to a broker.

You may struggle to raise the full £80,000 depending on the overall value, but this can most likely be done.

evansr83

estate agent valued my house last month at £235000
mortgage company valued it at 207000 last year and allowed us to release some equity.

i know they have to be cautious so doubt ill be allowed the money i need.

looking to get 50k for home improvements - do mortgage companies offer anything else?? or is my best bet to get a homeowner loan. need to borrow this but wanted to know the best way to go about doing so?

thanks in advance

getmore4less

Why are you telling them it is short term lending?

Mojisola

rmlj wrote: »

Advice needed. My fianc! and I need to borrow c £80k to pay for renovating his place - hopefully to be completed by Christmas. I have £120k equity in my place that we want to release to pay for the work, and then repay when I sell my place.

As you are the one who will have the debt, are you putting the loan to your fiance in writing?

I'm sure you think everything will be fine but things can go wrong. What if his house get all your money spent on it and then the relationship breaks down?

Have you got wills naming each other as beneficiaries? If not, you could see his house (and your money) being inherited by someone else if he died before you get married.