first time buyer who is lost!!

sjbbenny

I have the option to buy a property which needs a lot of word but there seems to be a good potential profit in.
I a first time buyer and im not sure of the ins and outs of mortgages, and my question is.....
If I plan to purchase the property with a 70 percent morgage, but will be reselling in around 12 months time, which is the best type of mortgage to go for, and is there an advantage in taking an interest only mortgage if possible,.
Any help would be greatly appreciated.

ACG

Is the property as it currently stands habitable?

If not you will struggle to get a mortgage.

I say this a lot on here...there is no "Best" mortgage. Its down to your individual needs. For a mortgage you only want for 12 months you wont may not be after the cheapest rate, but you may prefer to get a mortgage without any upfront or early repayment charges.

ACG

First time buyer, there arnt many first time buyer BTL mortgages available. Its not impossible but it will prove very difficult.

You would find it easier to get the mortgage, do it up THEN change to BTL or get consent to let.