Loan for buy to resell

fleetwoodmac_2

What kind of morgage/loan would one require to purchase a property to refurbish and resell. Yes!!!, I know about the current economic downturn, and "now is not a good time" and all that, but I really just want to know about the type of loan needed.

Does anyone know of a website that deals with the building regulations whilst refurbishing a property.

Many thanks.

'mac

m_13

Try Homebuilding and Renovation. Their forum is very useful when it comes to renovating and they offer staged mortgages that release funds as the property is refurbished.

If a property has a kitchen and bathroom and is structurally sound you may be able to buy on a standard mortgage. It really depends on what needs doing.

poppysarah

You know it's not a good time - you know nothing about building, building regs or mortgages so why do you want to be a developer?

mortgag broker for mortgage finding - assuming you have a huge healthy deposit to put down else forget it there and then.

Get some books on DIY/building from the library. Do nightcourses in plumbing, plastering. Learn about part P regs or get a sparkie in. Do woodwork course or hire a joiner. Need project management skills, building skills, stamina, patience, negotiating skills and the ability to deal with EA.

Doozergirl

The planning portal deals with what you might need Building Regs for. It has an interactive house that helps with what you might need planning or building regs for. It depends on the type of work you're doing - for a simple refurb it's likely to be removing load bearing walls. Replacement windows & electrics would normally be carried out by an approved contractor but building regs do apply to those also.

The mortgage you need has low entry fees, low exit fees and no penalty for early redemption. The interest rate in the case of a refurb is less important - you won't get a competitve rate for the type of mortgage you need so there's no point looking - the fees will have the most impact on the overall cost anyway.

PasturesNew

Doozergirl wrote: »

The planning portal deals with what you might need Building Regs for. It has an interactive house that helps with what you might need planning or building regs for.

I'd never heard of that, so for others that haven't, I googled it:
http://www.planningportal.gov.uk/

I then looked to see how long that's been going 6 years 6 months ... so much Internet, no idea what's out there.