Buying a property with a secured loan attached to it

mark5

Where is this house?

I can think of some real rough areas close to me where houses are close to six figures, so wondering where this one is!

Doczoc

nomoneytoday wrote: »

IMHO why not buy another unrelated house for £45k in the area?
Since the auction prices ended at 41k and 45k, and the other isn't selling at 60k that would indicate to me that you should be lucky

calypso_rhapsody wrote: »

If you've got £45k to invest in a BTL property might it not be more straightforward to look for another house to buy? You can't really help your ducking and diving brother here - it might be different if you were prepared to pay enough to help him avoid bankruptcy - so it seems that you are muddying the waters unnecessarily?

I take your points, but the good thing about this particular house is that it was recently subject to a lot a renovations aided by a localised regeneration scheme. It has had a new slate roof, new double glazing and doors throughout, new render and pointing. It would make a hassle free let as I wouldn't need to invest any more in it apart from some cosmetic tidying up inside.

Thanks for your points of view though, if it wasn't for the renovations I wouldn't bother. As you say I'm not in a position to help my brother fully, were it not for the additional borrowing I would have taken the mortgage on and come to some arrangement with him. Just seems sad to let a good house go. Thanks though.

Frosti

Doczoc wrote: »

I take your points, but the good thing about this particular house is that it was recently subject to a lot a renovations aided by a localised regeneration scheme. It has had a new slate roof, new double glazing and doors throughout, new render and pointing. It would make a hassle free let as I wouldn't need to invest any more in it apart from some cosmetic tidying up inside.

Thanks for your points of view though, if it wasn't for the renovations I wouldn't bother. As you say I'm not in a position to help my brother fully, were it not for the additional borrowing I would have taken the mortgage on and come to some arrangement with him. Just seems sad to let a good house go. Thanks though.

Why not put a bid of 45K with the auctioneer and just wait and see?

If you're going to invest in a BTL house anyway, what's wrong with using the knowledge about this property that you happen to have?