2nd Mortgage required on new property

DickyP_2

First trip in to this part of the site as I'm usually around the currency topics but being as they are a good bunch I'm sure you guys are too.

Right, seen a development oportunity which we want as its the area we want and will be a long term move for us. The house was last purchased in 07 for 350k and the purchaser began a renovation / redevelopment. For some reason the bank have pulled the plug and are selling it and is up for 200k.

So here is our problem, we have a house which has around 70k equity in (recent valuations etc) but we have uo to 40k deposit we can use on the other house.

Because bank is selling they will want completion in 4weeks, so I need a lender who will be quick and loan on a house which has no kitchen, bathroom, or heating!! It is water tight but you can't live there so the lenders requirements as habital need to be liberal!!

We won't be able to get rid of our house in time so need another mortgage for this house so we either find a lender who will accept this arrangement (only want new property on interest only, as will remortgage once finished) or we will have to convert current mortgage to buy to let so loan does not get looked at.

Any one else been in this situation before, any IFA got any solutions? I have spoken with our IFA but due to speed and unusal setup thought it best to ask a wider audiance. Thanks

DickyP_2

Hello again, need to get offer in today so any solutions/suggestions greatly received.