What to do? sell/buy/sell

simplesi123

Rather fortunately i have found myself in this position:
I've inherited a property on the coast in Norfolk. Would love to keep it, near the sea/station etc.
Value £140,000. It needs approx £15000 worth of work doing to it.
Also in the next few months I will inherit about £150,000 as well. Yes, lucky me..

Dilemma, would love to keep property in Norfolk and buy a property for myself in Kent where I live. I don't own my own property at the moment. Downside, I have about 14k of debt to service. Because I will obtain the property before the cash, I was thinking of remortgaging the property to pay off the debt to help repair my credit file - no late payments, just there. I would remortgage for 100k, pay off the debt and do the place up and use 70k and the £150k as a deposit on new place.

Early thoughts please. Thanks in advance on pros and cons

AnotherJoe

Why not just pay the £15k off when the £150k comes in?

There's no point in borrowing extra in order to get a bigger deposit because that extra borrowing will count against you when it comes to getting another mortgage. Surely £120k is a big enough deposit ? (£150k - £15k debt - £15k renovations). Why saddle yourself with two mortgages when you could have one ?