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?
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.
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