Can I borrow £70,000 to do up a property I've inherited?
Posted on 5 July 2013 by Elaine
I've been left a property that needs work on it worth £140,000 and need to borrow £70,000. There's no mortgage on the property.
I can't see why this mortgage can't be obtained for you. Typically we can do this one of two ways. Either as remortgage capital raising for home improvements if the property isn't in too poor a condition. Alternatively if the property is in very poor condition then we may need to look at development / refurbishment finance.
Before we can go any further we would need to know more detail around your personal financial situation (income, credit history, other assets and liabilities, etc.), as well as the exact state of the property and works required. Once we have the information required, we can then make a recommendation as to the best way to proceed.
If you'd like to take this further, then please let me know and I'll arrange to put you in touch with one of our consultants.
More than mortgages, talk to me about: Financial Protection | Investments | Personal and Corporate Pensions | Home Insurance General Insurance | Valuations | Conveyancing | Wills | Home finders
Answers provided in response to Ask the experts are based on the information provided and do not constitute advice under the Financial Services & Markets Act. They reflect the personal views of the authors and do not necessarily represent the views, positions, strategies or opinions of John Charcol. All comments are made in good faith, and John Charcol will not accept liability for them.
We recommend you seek professional advice with regard to any of these topics where appropriate.
YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY DEBT SECURED ON IT.
John Charcol is a trading name of John Charcol Limited and its Appointed Representatives. John Charcol Limited is authorised and regulated by the Financial Conduct Authority. The Financial Services Register number is 665649. Registered in England No. 9157892. Registered office address for John Charcol Limited is 5th Floor, Cutlers Exchange, 123 Houndsditch, London, EC3A 7BU. The FCA does not regulate some investment mortgage contracts. Calls may be recorded for training and monitoring.