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Raising equity

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Asking a question for a friend, he has 2 houses both paid for he lives in one and has a sitting tenant in the other paying token rent (can't get them out or raise the rent). He is looking to finance a new build on a plot of land he has and plans to move in when it is done and rent out. The house he is currently living in, he is living off saving and earning a small amount from s/e not enough for a mortgage etc , question is how can he finance the house build?

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  • kingstreet
    kingstreet Posts: 39,256 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Can't see any solution.

    No income for a residential remortgage and a tenancy and rent which won't be acceptable for a BTL remortgage.
    I am a mortgage broker. You 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. Please do not send PMs asking for one-to-one-advice, or representation.
  • Try Buildstore (just google the name for the number and details) They specialise in self-build mortgages, so may be able to help your friend :D
    My question may be simple...but please don't assume that I am :wink:
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