Call us on 0344 346 3672
or arrange a callback

Can we raise £150,000 on our property, to do an extension and buy a share in a property in Italy?

Posted on 28 October 2014 by Tom


We have a UK home valued at £395k with a small mortgage £28k. We jointly own a property in Italy with friends valued at €200k. We want to buy our friends out of their share of the property in Italy and build an extension so need to borrow £150k on our U.K. property. Is this possible?

Tom,

With the limited information, I really don't see why you shouldn't be able to raise the additional £150,000 to do the extension, and purchase the share in the Italian property. The total borrowing on your property would be £178,000 which will put the loan to value at 45%, and that will help. As long as your personal financial situation is okay and you can meet the lenders affordability and standard lending criteria, then I think this all looks very doable.

I think it's definitely worth contacting one of our consultants on 0344 346 3672 and they'll be able to give you a more detailed idea of how we can help.

Regards,

Simon

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.


Legal

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.