Hi All,
after some advice please, please bear with me as its not straight forward!
I am buying a plot of land from my parents which is adjacent to there house with permission to convert it into a 1 bed studio, buying for £50,000 and it will cost £30,000 max to do the work, it will then be worth at least £120,000.
I earn £30,000 a year, i have a loan for £12,000 which i got for a car but then I didnt buy the car and am spending the £12,000 on the works. Am I likely to be offered a mortgage for £80,000 which I would then pay off the £12,000 loan and also my credit cards which I have been using to also fund the project. I also wont have a deposit as such but I will have £40,000 in equity in the property due to the works I have done.
Many thanks in advance
after some advice please, please bear with me as its not straight forward!
I am buying a plot of land from my parents which is adjacent to there house with permission to convert it into a 1 bed studio, buying for £50,000 and it will cost £30,000 max to do the work, it will then be worth at least £120,000.
I earn £30,000 a year, i have a loan for £12,000 which i got for a car but then I didnt buy the car and am spending the £12,000 on the works. Am I likely to be offered a mortgage for £80,000 which I would then pay off the £12,000 loan and also my credit cards which I have been using to also fund the project. I also wont have a deposit as such but I will have £40,000 in equity in the property due to the works I have done.
Many thanks in advance