Need £60,000 - loan or mortgage

Jane_Hodgkiss

Hi
My parents have gifted me their house which I am in the middle of transferring title deeds etc.... I have started major renovations because the house was in a bad state i.e. damp, damaged roof and the house is now stripped to bare brick more or less. 
I need to borrow £60,000 to start on the renovations.  My current house is mortgaged and my balance is 57,000 - the value is 240,000.  Once finished, I hope to rent out my current house.

What is the best way  to get the money?  Will my current lender borrow me the money to repair another house? Or do I get a loan secured on the property?

Thanks in advance!

[Deleted User]

Jane_Hodgkiss said:

Will my current lender borrow me the money to repair another house?

No, but they might lend it to you if you have the equity and they're happy with the risk.

ACG

You need to think about how long it will take to do the work and the ERCs.
A bridging loan although expensive might be the best option, secured loan might be or a further advance with your current lender. 

There are various options but as for which is the best it comes down to the details and your priorities. Speak to a broker, they can do the figures on all of the options and give you some options.