I want to remortgage my home to provide funds for a renovation project I'm doing with a friend. Can I do this?

Posted on 11 October 2015 by Huw

I wish to purchase a property, with a friend, for renovation.I intend to fund my half of the renovation by re-mortgaging my mortgage free home. As my friend has the funds to make the purchase, but not the renovations, it means the property will be bought before I will have the mortgage agreement funds. Is this possible? What are my best options?

There's no reason why your friend can't buy the property before you've got the monies from your remortgage. In fact most lenders prefer that you have a property already in mind.

Before I can say anything more concrete, I'd need to know more about the proposition, and your personal financial circumstances to be able to see exactly what deals would be available to you.

If you'd like to go through your options in more detail, then you can contact one of our consultants on 0344 346 3672 and they'll be able to give you a clearer idea of how we can help.

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.

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