2nd mortgage advice please

ldale

Hi, I am looking to get a 2nd mortgage in order to buy a home to gut, decorate and sell on. I am looking for a quick turn around on the property. I am looking for advice on 2nd mortgages. Does anyone know of a good deal or how to start looking via the web? most pages I have visited result in a person calling me and I don't want this at this stage, cant cope with the sales pressure that comes with it.
Has anyone done this before and got any general advice? The bungalow is in need of complete renovation and probably an small extension out the back. It is actually attached to my bungalow. Time is of the essence with this as obviously the longer it takes the more mortgage interest I have to pay. However I am aware that it can take time to get planning, building regs sorted, get a builder and sell on. Am a bit scared really.
I have already approached the owners before it has even gone on the market.
Lou

_Andy_

Hi Lou + welcome to MSE

Are you looking to raise the money on the 2nd property or your existing home?

If the former, how much deposit do you have and what is the probably purchase price?

ldale

Got a deposit of about 20,000 and am hoping to put in a offer of about 130,000 which is below market value. They may well tell me to take a hike. :-0
I approached a bank yesterday and they can loan me about 135,000