How can we raise £25,000 to refurbish our house?
Posted on 8 February 2008
Hi Katie,
My husband and I have just recently moved back from the South of France, we have bought a property with no mortgage but we need to up date the kitchen, bathroom etc. Is it possible to get a small mortgage of about £20,000 - £25,000 for about 6-10 years and what lenders would do this? I'm 59 and my husband is 61, I have a small part time job which works out about £4,000 per annum and a £10,000 pension from my previous job which was with a bank. My husband has just started part-time with a company which is commission only and is hoping to get another job in the very near future.
Joy
Hello Joy,
Most lenders will do this for you, and your own income is sufficient. Just chose a good rate, and as the loan amount is small, it's better to take a deal with free valuation and legals for remortgages (most lenders have this option).
Many lenders can only lend £25,001 as a minimum, due to UK law about what actually constitutes a mortgage, so don't be surprised at this.
The number if you want to speak to a fees-free Charcol advisor who can chose from the whole market, is 0845 034 2100 www.charcol.co.uk
Categories: Raising capital out of property
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