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Mortgages - buy to sell on
spudilydoodah
Posts: 40 Forumite
Can you get a special buy to sell on sort of mortgage - even if you don't have full-time employment.
A property has come up for sale - a damaged repo - and I think I could put it back in shape for £5000 when its price is more than £30 000 under the others in the road.
Thanks
A property has come up for sale - a damaged repo - and I think I could put it back in shape for £5000 when its price is more than £30 000 under the others in the road.
Thanks
0
Comments
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try a BTL mortgage, but you will need about 15% deposit and the possible rental income confirmed, this needs to be about 125% of the monthly payments.0
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The O.P doesn't want to rent out the house when finished, he wants to sell.
I don't believe that their is a special sort of mortgage for this available. I have often wondered this myself, because every now and then their are one or two bargains that come up, but increasingly rare these days.I am desperate for acceptance, please hit the 'thanks' button.0 -
yes i know, dont have to rent out. its a way of buying with no income.0
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If the repo is in a particularly bad state, the lender may place a retention on the property before all/part of the funds may be releasedI am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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