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
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.
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.