what is the cheapest way to borrow £65000 to spend on buying a house to renovate & sell on quickly. Thanks.?
2 friends & I have the opportunity to buy an old house at a very reasonable price which needs renovation. Can anyone advise me of the most suitable way to raise the £65000 which I would need to pay my share? We'll be doing the work ourselves & expect to be selling the property fully refurbished within 6 months. Thanks in advance for any advice you can offer. For info' I own a property without a motgage on it & also a family home with a big(gish) mortgage.
Take out a mortgage on the proposed property or alternatively take out a home equity line of credit on the house you already have and finance your share with that and when you sell it pay off the line of credit and you are done. good luck.