Advice needed

joffy

Hi there
Thinking about buying a slightly run down property at a bargain price(been on the market a long time) tarting it up and selling on quickly.
Any one else got experience of doing this or know where to go for advice
I would only want a interest free mortgage as i would only own for a few months.
I have a mortgage at the moment and equity in the house.
what is the best way of raising the finance ?
could pay deposit with 0% credit card.
any ideas ?
cheers JB

Doozergirl

I'm assuming you'd want an Interest Only mortgage as we'd all like an interest free one but they're a bit thin on the ground!

Buying to Sell costs more than you think and the fact that someone else hasn't already done I can virtually guarantee that there's no margin in it. If you don't know buildings very well, it doesn't matter if you 'tart it up', your buyer's survey will show up everything that still needs doing.

By the time you've paid the interest, the stamp duty, the solicitors fees, the agent's fees, the continued mortgage payments when you're trying to sell and then waiting for exchange. I'd think very carefully and only do it if you have money to burn. A 'few months' is five months at the very least.

It's not easy by any stretch of the imagination

robwend

money to burn and know the area like the back of your hand

david29dpo

joffy wrote:

Hi there
Thinking about buying a slightly run down property at a bargain price(been on the market a long time) tarting it up and selling on quickly.
Any one else got experience of doing this or know where to go for advice
I would only want a interest free mortgage as i would only own for a few months.
I have a mortgage at the moment and equity in the house.
what is the best way of raising the finance ?
could pay deposit with 0% credit card.
any ideas ?
cheers JB

i have just done this. if your have enough equity in your house and can cover the extra payments, this is the cheapest way of getting the money and you will not need a survey on the house you are thinking of buying, if not, try a BTL mortgage.