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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.

Elaine,

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.

Regards,

Simon

simon.collins@johncharcol.co.uk

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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.

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