Raising loan for refurbishment of a holiday let property

[Wings]

I need to raise approximately £250k, the same to cover the costs of refurbishing a holiday let property. Gave thoughts to cashing in my SIPPs, but not being far off 75 years old, thought best to leave for possible payment of inheritance tax duties, that is should I pop off.

One advantage of drawing down on the SIPPS, is that the cost of the refurbishment, will take my investment earnings well into a minus figure, so bringing the tax on the SIPPs at 20% Tax rate

Are my above thoughts correct, any advice appreciated.

Also giving thoughts to raising a loan against my home, or against the holiday let investment property, but who is out there who will offer such a loan for a 70+ person.

[kurt535]

Hi Wings.

I must ask, in respect of the required loan:

1. house value now
2. house value post-work


Ty

[Wings]

kurt535 said:

Hi Wings.

I must ask, in respect of the required loan:

1. house value now
2. house value post-work


Ty

Present value £495k, after works completed then possibly £895k+, magnificent sea views from all angles of the property.