short term interest free mortgage question

Mutton_Geoff

lyndabill wrote: »

Yes people lived there. I don't know how!
We have probate and thus are executors ( we as in my husband ).
We are just looking for options as it's getting valued tomorrow in its present state and a proposed valuation when done up. We've had a decent builder estimate a reasonable costing. It could add 50k profit. So not a little bit.
We will sell the house either way as we don't want it.
Mortgage is about 120k.
Just like to have ideas of how we could manage the finance as we do have some savings which could cover the renovations but not the mortgage pay off.

I don't understand your sums. It's valued at £170k all done, it's got £50k "profit" in it so currently worth £120k which is what it's mortgaged at. Where is the room for the cost of renovation? If it's 100% mortgaged at present, it sounds more like a liability than a money earner.


And that's before the hassle, interest payments and tax.

AnotherJoe

I agree with Mutton Geoff your numbers don't add up.