Homes Logo, Click to return to Homes homepage
Return to 4Homes
    C4 Forums    Homes    Profit From Property    Desperate for advice financing renovation
Go
New
Find
Notify
Tools
Reply
  
  Login/Join 
New Member
Posted
Hi,
We inherited a house that needs complete renovation. We have no mortgage and when we approached Abbey they could not help us as there is no kitchen and bathroom as the property is a shell as work has started. Please Please can someone advice me on how/where to go about raising money for the renovation


may your path be sprinkled with sunshine
 
Posts: 1Reply With QuoteEdit or Delete MessageReport This Post
One Silver Star
Posted Hide Post
I assume that you plan on living in it? Otherwise, I would probably sell it and let someone else worry about the renovation.
 
Posts: 45Reply With QuoteEdit or Delete MessageReport This Post
One Silver Star
Posted Hide Post
Majority of conventional lenders won't touch it with a bargepole, I'm afraid. Options: savings, 0% credit cards or an unsecured loan. When complete, take out small mortgage to pay off the debts. Alternatively, sell as is at auction and start afresh with your cash pot.
 
Posts: 49Reply With QuoteEdit or Delete MessageReport This Post
Two Gold Stars
Picture of susiecam
Posted Hide Post
Do you bank with a traditional retail bank (i.e. not a former building society)? If so you could approach them. I once almost bought a derelict property (no roof, boarded up, complete wreck) and HSBC was prepared to lend on a tranche basis, i.e. stage payments with funds released as work progressed.
 
Posts: 1298Reply With QuoteEdit or Delete MessageReport This Post
New Member
Posted Hide Post
Have you tried a personal loan? You can get better rates than many mortgages at the minute.
 
Posts: 11Reply With QuoteEdit or Delete MessageReport This Post
 Previous Topic | Next Topic powered by eve community  
 

    C4 Forums    Homes    Profit From Property    Desperate for advice financing renovation