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120% Mortgage to fund development
Comments
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Have you never watched the plethora of Grand Design Style programs..
Yes, unfortunately it is this sort of programming that makes me want to build my own house (effectively).Afterall it may only be in your mind that the property when finished would be worth £570k.
That is the big worry, and I suppose it would become the banks risk. So I can see that point. Still doesn't stop me wanting to do it though
Maybe if I can convince my folks to let me secure a mortgage on their house instead.....:eek:0 -
How much experience do you have as a property developer Shmed?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 -
Erm, pretty much none. We have modernised our current home and are just about turning a profit, though it was never started as a profit making venture. Even now, I'm not looking to make profit from it per se. We have just seen a house with a great plot, but an old house in need of updating. We can make it into a perfect family home, and easily afford the repayments, as long as we can get the LTV down low enough.0
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If you were your parents, would you let an inexperienced 'developer' use your house as security?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 -
Probably not.....I guess I'm going to have to learn patience 0
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save and then you will have more options. the current outlook re finance is bleak."enough is a feast"...old Buddist proverb0
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Could you live in the house as it is? So buy it, perhaps do smaller elements of the development, or just have a period of saving before launching into the product. I.e. if you are worried about losing the property.0
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Could you live in the house as it is? So buy it, perhaps do smaller elements of the development, or just have a period of saving before launching into the product. I.e. if you are worried about losing the property.
That is an option. Though it seems that the significant other may have changed her mind about the location.....:female::doh:0
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