How can I borrow £45K ??? (legally and fast!!)

[pinkingshears]

I want to move and have found a fixer-upper which is going to auction at £45K (seller accepting bids prior to auction date of 1st May) This property has a Home Report (I am in Scotland) value of £90K but the HR says that £15K of work needs doing before funds should be released so is not mortgageable at present.

I would therefore need to borrow funds via a different method. This is hard as I am not employed but am a full time carer for my disabled young person. My income is 2K per month (all benefits, some Carer's some UC and some PIP)

My current house has an outstanding mortgage (taken before I stopped work) of £100K, this is due to expire in 2029 and is interest only so I currently pay £192 p/m. I will need to sell then but this place is perfect for 'getting ready' for that.
My house should fetch no less than £275K if sold (identical house opposite sold for £350 last month) which would leave a balance of £175K so plenty of equity. but not enough time to sell before fixer upper auction.

Will I be able to obtain Bridging Funds or is my income too low for affordabiltiy please?

Auction properties rarely sell at their advertised price

Suggest keep an eye on this property & see what it actually sells for

Secondly, have you had a survey done, to find out a cost of all the renovations that are required ?

If it is being sold at auction, it is not just painting rooms that is required

Buyer beware

BTW

I have bought & sold via auction successfully

If you buy, you will need money for the following

Auction fee

The whole price of the property has to be paid in full before approx 28 days to the auction agents or you will be liable for a late fee (see small print)

Solicitor fee

Stamp duty is more expensive for a second property

Survey (optional, but recommend)

Moving costs

Post redirection fee

If the property remains empty, you will need to pay full council tax & possibly some utility bills

If you own 2 properties at the same time, you will be liable for capital gains tax when property is sold

Suggest research before buying

I decided not to bid, as I couldn't risk the £7K plus that I might lose if the finance didn't materialise in time (the Co I was using were change-able to say the least).

Thank you to all who gave good factual advice.
I am still left with the problem of an expensive (my mortage deal ends in Aug & repayments will triple) cold damp crumbly house that doesnt' suit my mobility.
So, back to square one (but at least not potentially fallen down a 'snake' on the board)

A sensible decision OP, do you know if the property sold at the auction and if so the price achieved? I have noticed in my county, the number of sales at auction has dropped about 20%

I think you've made the right decision as there was too much at risk.

See if there are any grants you can access to sort out the 'cold damp crumbly house that doesnt' suit my mobility'. Keep seeking advice from CAB/Charities/Council, etc. Good luck.

As ideas go, this is a stupid one!

What is? The OP or what she’s actually done? Hard to tell if you’ve read the thread or not

I do not know know how old you are

Have you looked at properties that are for over 55s or over 60s ?