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Conrad

ianm1982 wrote: »

What do you mean by specific rules. The house is in a pretty much whole private area and a expensive one at that to move into the property next door sold last year for 160 it is a little bigger but just renovated.

Also i have been told another way it could be done to get a mortgage for the 60 and buy the house then get it valued then re mortgage it as it will be valued around 100 were getting it cheap from the councill. And did a few months ago get someone to value it and they said 100. Then use the money left ie the 40 to renovate the house?

The property sounds fine now you've described it.

Getting a normal mortgage and then later remortgaging is an option, but be aware if you change lender there will be penalties and also new costs to set up that second in line remortgage.


If it were me I'd apply to the same lender after completion for further funds.
Make sure the lender you chose can lend you the rest later in terms of income multiples.

Conrad

VIGILANT22 wrote: »

your average adviser wouldn't have a scooby how to do this.....

Vig, no offence but this is fairly straight froward for any adviser. You talk in very much a text book manner so Im wondering if this 'renovation mortgage' has com straight out of a cemap training manual.

In a sense there are the odd specialist renovation mortgages, but this chap does'nt need one of those.

ianm1982

I have found 3 companies that specialise in it but none of which i have ever heard of.

Norwich & Peterborough Building Society

Ecology Building Society:

Buildstore

But im weary of using someone small or un heard of as such cause the climate at the moment as the goverment only seem to help out the big companies in hard times?

VIGILANT22

Conrad wrote: »

Vig, no offence "cemap training manual"

That's the biggest offence....cemap!!...NVQ!..:rotfl::rotfl::rotfl:

Conrad

ianm1982 wrote: »

I have found 3 companies that specialise in it but none of which i have ever heard of.

Norwich & Peterborough Building Society

Ecology Building Society:

Buildstore

But im weary of using someone small or un heard of as such cause the climate at the moment as the goverment only seem to help out the big companies in hard times?

They're all normal long established lenders.

Ecology - not a chance, they do very specialist stuff that has a specific 'green' objective.

N&P - try yourself but they are extremely old fashioned and cautious

Buildstore - they're normally associated with self builds - Im not sure you need any of these. An ordinary lender should suffice as I have said a few times now.

ianm1982

Conrad wrote: »

The property sounds fine now you've described it.

Getting a normal mortgage and then later remortgaging is an option, but be aware if you change lender there will be penalties and also new costs to set up that second in line remortgage.


If it were me I'd apply to the same lender after completion for further funds.
Make sure the lender you chose can lend you the rest later in terms of income multiples.

Thanks conrad we have been told due to our wages we could with hsbc lend 95 grand and natwest 118 so lending the extra due to wages wouldnt be a problem.

So do you think that would be the best route to go down as in buy it forst for 60 then apply to out mortgage company for the extra funds to take it up to say 100 grand after the completion?