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Need advice on this plz
adjey
Posts: 8 Forumite
Need some advice.
My main residence is valued at 240k
I bought another house in dec last year to renovate for 60k
I spent 16k on renovating this prpoperty.Doing all work myself.
JUst had it valued by three peeps for 100k to 120k.
THing is i feel the value of this property will increase a lot within a few years.
Local area getting facelift, new premier housing behind it instead of old mill etc.So i want to rent it out for a few years then sell.
I have seen another house to renovate for 80k but only have 30k left on mortgage reserve account.
Buy to let was a lot they wanted 40%
cant remortgage as i am in and out of work and self employed.(brickie)
Any ideas?
My main residence is valued at 240k
I bought another house in dec last year to renovate for 60k
I spent 16k on renovating this prpoperty.Doing all work myself.
JUst had it valued by three peeps for 100k to 120k.
THing is i feel the value of this property will increase a lot within a few years.
Local area getting facelift, new premier housing behind it instead of old mill etc.So i want to rent it out for a few years then sell.
I have seen another house to renovate for 80k but only have 30k left on mortgage reserve account.
Buy to let was a lot they wanted 40%
cant remortgage as i am in and out of work and self employed.(brickie)
Any ideas?
0
Comments
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The bank won't let you money because you aren't a safe bet, surely that should tell you something? What would you do if you injured yourself and were unable to work? Or the housing market went down instead of up? Or your partner fell pregnant accidentally? Or you couldn't find a tenant for both BTLs at the same time? Could you cope financially?Declutterbug-in-progress.⭐️⭐️⭐️ ⭐️⭐️0
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Shop around, plenty of IFA's & mortgages available now.Regards,N.Never be afraid to take a profit.
Keep breathing. :eek:
Just because I am surrounded by FOOLS does not make me wise. :j0 -
Either settle for what you can afford or try to get family/friends to buy into your next renovation project.
~Laugh and the world laughs with you, weep and you weep alone.~:)
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