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How to finance a renovation? Help please!!
NorthernLass82
Posts: 1 Newbie
Hi
Not sure if I'm posting in the right place here so apologies if not!
We currently own a property which we are looking to sell and have found a property which once renovated/extended would give us our forever home!
We would be looking to purchase our new property with a deposit/mortgage but we have no idea where or how to raise the funds to do the additional work on the house (we estimate the total cost of renovations/extensions to be £100,000). We won't have any equity on the property as it will be a minimum deposit and the extra equity we have from our current house will go on fees, planning permission etc. so basically there's not enough equity to secure a loan against.
Any ideas people? Once completed this house would be worth significantly more than we intend to spend (hopefully!)
Thanks!
Not sure if I'm posting in the right place here so apologies if not!
We currently own a property which we are looking to sell and have found a property which once renovated/extended would give us our forever home!
We would be looking to purchase our new property with a deposit/mortgage but we have no idea where or how to raise the funds to do the additional work on the house (we estimate the total cost of renovations/extensions to be £100,000). We won't have any equity on the property as it will be a minimum deposit and the extra equity we have from our current house will go on fees, planning permission etc. so basically there's not enough equity to secure a loan against.
Any ideas people? Once completed this house would be worth significantly more than we intend to spend (hopefully!)
Thanks!
0
Comments
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Give us the figures and we might have some ideas. The bottom line however is that no-one will lend you all the money to build your dream home, you have to contribute yourself.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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 -
Yes, try Buildstore (quick google will give you their website) - they specalise in self build/renovation finance.
Hope this
Holly x0
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