what's best? & can i borrow either a mortgage,loan, or bridging loan ???

17oscars

hi

any info would be welcome :-)

I have started up my own projects after years of working in interior design in central london for big companies who earn a lot from my designs and knowledge. I have renovated properties before and done all the design aspects and love doing this with a passion plus the money increase on the property and making it look its best is worth all the hard work :-)

I am looking to set up as self employed.
I have a house worth £200,00 mortgage free after renovating it and re designing. I am looking to sell this to buy another

The question is would i be able to buy a property worth £350,000 with a deposit of £180,000 and get a mortgage/loan for the rest so for £170,000 This would only be needed for the time to renovate and sell ( 6 months) then i would repay in full even though I have not got a normal salaried job would i be able to borrow ?????

If so what borrowing would people recommend?

Thanks 4 reading :-) :rotfl:

Jimx26

Doubtful, If I was the lender my first question would be; what makes you so sure you will sell the house in 6 months and for a profit?

GMS

Wouldn't get a standard mortgage due to no proof of income.

Probably looking at the bridging loan route. Some decent deals available at the minute for developers.

Speak to a good broker.

sorryitsme

My mum recently got a buy to let mortgage on for a property worth £240,000 she had to put 25% down and that was it. Her income didn't come into it at all and she was approved in a couple of days on a good rate.

GMS

Op is looking to sell after 6 months so would not want to be stuck into a deal with an Early Repayment Charge, plus he is not intending to rent it out so cannot get a BTL mortgage as it would not be a BTL.

If property was needing renovation it may not be suitable for rental and would not pass for a mortgage anyway.

Lying to obtain a mortgage could lead to a conviction.