short term interest free mortgage question

lyndabill

Hello. We have 'inherited ' a house. It's in very poor condition as the owner did lots of half jobs - bit like a shell with a builder's yard inside. Proper mess. But it does have potential to do up and sell as a good house. Reckon 25k needs to be spent.
So it has a mortgage which the tenant stopped paying so is in arrears.
We could either sell as seen and make a little. Or remortgage for 150k which would pay the mortgage and allow for the work to be done and make a bit of profit.
We are 60 plus. Both work. Rent a house. Good credit hx.
Are short term interest free mortgages available?

minimike2

Why would a lender provide you with an interest free mortgage?

worried_jim

I'll have one of those interest free mortgages!

BoGoF

And why was the tenant paying the mortgage?

lyndabill

I meant an interest repayment mortgage.....
tenants rent paid mortgage.

[Deleted User]

All mortgages are interest repayment.

Do you perhaps mean interest only?

amnblog

Must be a massive property if you hope to raise £150,000 on a shell.

csgohan4

is it mortgageable if it's a builder's yard?

getmore4less

You have not inherited a house if it has a mortgage.

Mortgage needs paying off before you inherit anything.

If it has a tenant they are still tenants.

DairyQueen

Suggest you contact a mortgage broker. You are in the age group (55+) that would qualify for an RIO (retirement interest only) mortgage. Assuming that the house is mortgageable, you may be able to borrow in the ballpark of 60% LTV (subject to the usual credit and income checks).

The interest rates are a little higher than a regular mortgage but this is likely to be your best bet for a short-term (1/2 year) loan.

Thrugelmir

lyndabill wrote: »

We have 'inherited ' a house.

Mortgage needs to be discharged by the deceased's estate before you can.