Mortgaging a property bought at auction

qc0

Hi,

Me and the missus (22-21) was going to be buying our first house this year, but have decided that we'll enjoy ourselves for one more year before committing financially.

So, I've saved up a bit of money over last 12months, and wanted to buy property at auction to refurbish and sell for profit.

Only problem is, the "bit" of money is not a big bit.


Would banks loan money for refurbishment, after getting a 80-90% mortgage with them? The loan I would be after would be bigger than the 10-20% remaining, so would this cause any issues?

If so, would gaining a personal loan be more easier?


I have no credit history. Never had a loan, credit card... nothing. I've always followed the "if you can't afford it, don't buy it, or wait and save" theory. I used to pay car insurance monthly however, not sure if that'll count?


SO, all in all I am a bit apprehensive as to whether this kind of thing could ever got off the ground in the first place since no credit history and would have to loan to refurb... Though if I can get the place mortgaged I will do it as and when I've saved my money.

I plan on going to my bank next weekend to apply for a credit card, so I can start on building my credit rating which will help for the future.



Any advice, would be most appreciated.

Thanks in advance!

Thrugelmir

qc0 wrote: »

Me and the missus (22-21) was going to be buying our first house this year, but have decided that we'll enjoy ourselves for one more year before committing financially.

So, I've saved up a bit of money over last 12months, and wanted to buy property at auction to refurbish and sell for profit.

If you want to enjoy yourselves don't commit to a mortgage yet.