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how to buy a former church?
michal1989
Posts: 3 Newbie
hi! i want to buy an old church and need some renovation (there is no kitchen, bathroom) and bank doesn't want give me mortgage, is there any other possibility that any other institution can give me? price is 40000 and how much deposit i need?
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Comments
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You need to see a broker.
This wont be easy at all. Firstly, its not a residential property and secondly its value is £40k which is relatively low (even if the price will increase once converted).
Deposit wise i would say depending on the option you go with (and there will be 1 or 2 ways to do this) you might get away with a 15% deposit but could need anywhere upto a 25% deposit.I 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 -
How much deposit have you got? Has the property got planning permission to convert to residential?
Have you done costings? Building control are likely to have a field day with the conversion so may well be very costly. How would you fund the renovations?
Do you have another property you could look to raise cash on?I 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 -
i have for deposit 15k,and property has been converted into residential but when i have been at the bank to ask for an advice they told me that even if there is like residential but inside should be like a house and shoul have bathroom, badrom and kitchen atherwise the bank will still consider like a NON residential property and can not give me a mortgage. so now what action has to be taken to get a morgage. and i do not have another property or something like that.0
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Get a broker on this and it should be possible, as i said there will be a couple of options on how to do it and its just a case of sitting down and doing the sums.I 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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It will be mine first property and i would like to know what kind of document i need from seller (building plans or etc.)?0
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