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 £40,000 so need to release the money from the property.The property is worth around £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.
2006-08-03
01:59:46
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19 answers
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asked by
kerrie h
3
in
Renting & Real Estate