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| *Loan,banking and credit>>>mortgage loan |
I,ve inherited my grandmothers house can I get a mortgage or loan on it to redevelop it.? |
My grandmother left her house to my brother and myself.We would like to redevelop it and maybe rent it out for a couple of years.We think that it's going to cost around 拢40,000 so need to release the money from the property.The property is worth around 拢118,000. The problem is that that I'm not working at the moment and am not planning to as I will be doing most of the work on the house and will be my full time job. My brother is working but doesn't earn a great deal. We're planning to repay the loan using the income from the rent that we get for it each month. Can we still get a loan or will I have to get a job? If I'm working then it'll mean that the house will take so much longer to finish and we'll be losing out on several months worth of rent. Yes get a buy to let mortgage which is based on rental income and not your income. Need any further advice please feel free to e-mail me. Source(s): Mortgage Consultant I would sell it and buy 2 flats and do them up to rent out. Think of the profit in years to come. id sell an go on a shoppin spree !! You could try a remortgage based on the saleable price of the house once it's renovated. Go and see a bank or a good financial advisor - they should be able to offer you advice. I would leave well alone for now, go to citizens advice or seek legal advice by way of solicitor before going into anything You would have to lie to get a self certified loan, but unless you've a history of borrowing your chances are slim. |
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