Best loan option

nathan97

Hi all. I have been left a property worth £140,000 (confirmed valuation) by my Dad who passed away. I want to eventually move to my Dads property (which has so much potential) but live in my mortgage free current property while  renovation work is carried out at my Dads. I will then sell my property also (confirmed valuation £140,000). The renovation work will cost £60,000 and will be paid for in 2 x £30,000 payments to the builder. I have £30,000 savings that I can use for the first builder payment (which can be put back when I sell my home). My problem is what is the best option for borrowing the money for the second builder payment (£30,000). It will only be for around 5 months then I can pay all the money borrowed out of the sale of my property. I hope this makes sense. Any help would be appreciated . Thank you in advance

[Deleted User]

In order -

0% cards

Multiple low rate loans

Secured loan

Remortgage

[Deleted User]

Confirmed valuation? Be wary any property is only worth what someone is prepared to pay for it

Jamesyb123

You maybe offered the option of something called a secured bridging loan DO NOT DO THIS, it’s extremely high interest and is basically a huge secured payday loan, they’re ok if someone is desperate for 1 month but anymore than that is crazy money 

Emmia

You could sell your current property, and rent somewhere whilst the works are ongoing - that avoids the need for loans and means you have certainty over what your current property will fetch.