Remortgaging a property bought outright at auction

harveydog

Hi, I'll try to keep this simple...

I'm looking at a property at auction for £80k that I would like yo rent out, its in a bad state but I've done my research and believe done up it would be worth around £115k. I know theres fee's/do up costs etc but I wondered if I could raise the full capital from myself, parents/grandparents to buy the property outright at auction and then do the property up and have it re-valued, would it be possible to remortgage to get an upto 75% let to buy interest only mortgage to pay any funds back to my parents/grandparents?? Ive heard of the 6 month rule where I wouldn't be able to remortgage for 6 months which wouldn't be too much of an issue but I just wondered if it would be possible to remortgage to pay family back?

Thanks for any help!