Early inheritance of 180,000

INHERITANCE

I am a 30yr old woman with a 20,000 salary and 4,500 loan which costs me 80 per month. I pay 400 per month rent to rent a small cottage from a family member.
Based on my wage I have been told I can have a mortgage for around 70,000. I have no savings or other capital.
My family decided to give me some early inheritance if 180,000 (I understand about Inheritance Tax) in the form of property. There is a possibility of having 40,000 in the form of investmemts too, although that is not deffinate yet.
In time I would like to extend my house (quoted average of 20,000) which could incease it's value to 200,000-240,000 and also a buy to let property (60-90,000).
Does anyone have any advise about:
If this is possible?
A 'wise' way to plan/do it?
How much money I could borrow based on the value of my property?
Would I be better off with a home owners loan or a mortgage? and how much could that be for?
Thank you.
C

Conrad

You really need to be clearer. You say you "pay rent", but then say "I would like to extend my house" which implies you are an owner?

Better off with a mortgage in terms of rate usually.

Yes you can do a B2L.

Some lenders might lend you more than £70k subject to dozens of factors.

You do not say if you will use the c£70000 raised against do buy a B2L outright or whether further borrowing against the B2L is required. Its doubtfull rent will cover both debts.

INHERITANCE

At the moment I rent the porperty from my father. He is going to transfer it over to me this month.
I want to get a mortgage of 25,000 (over estimate) to extend the house.
I was hoping to rent out the 2nd bedroom in my house (70 per week/280mth - say 250mth after added bills).
When I have saved a fair amount, in 18mths time (5,000) I will use that to add to 70,000 + 40,000 and get a BTL.
....Well, that's what I want to do...........