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raising a mortgage on land/shell
Grimbal
Posts: 2,334 Forumite
Naive question really: can one raise a mortgage on a non-habitable property? Reason being is that we are playing around with ideas (increasingly desperate on way to completion !) and were wondering if it were possible to :
1. buy a house outright with our equity, so no mortgage
2. raise a mortgage on a shell of a barn (has services, walls, windows, roof, just nothing inside)
3. use savings to do up
We did try thinking about it the other way around - have the mortgage on the house, then use equity for barn, but money didn't quite stretch that far....
Any ideas guys?
Liz
1. buy a house outright with our equity, so no mortgage
2. raise a mortgage on a shell of a barn (has services, walls, windows, roof, just nothing inside)
3. use savings to do up
We did try thinking about it the other way around - have the mortgage on the house, then use equity for barn, but money didn't quite stretch that far....
Any ideas guys?
Liz
"Science is a wonderful thing if one does not have to earn one's living at it" Einstein 1951
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