House needing total renovation will I get a mortgage?

Pinkyperky

Hi, I have seen a house needing a lot of work that I would like to buy on a buy to let to do up and rent out. It has a kitchen and bathroom but they need replacing. There are holes in the roof causing damp in the property especially in the bedroom.i already have a mortgage on another property which I want to port over to this one. Although I am worried about whether they will agree to mortgage this house due to the holes in the roof. Any advice greatly received, thanks.

kingstreet

You port a rate from an old mortgage to a new one with the same lender when you move house.

BTL mortgages are for property in "readily lettable" condition.

Renovation products are a specialist area which don't fit with the two issues identified above.

The number and value of mortgages you can have will be based on affordability - your income and outgoings.

You should look for an independent broker to establish the right route for this.

Pinkyperky

Thanks for the reply. This property is certainly not lettable! But with some TLC could be lovely. Should take approx 1 month to do it up. Will look into it further.

dimbo61

This is a commercial loan and not a mortgage.
Are you a builder or have someone to project manage the refurbishment
Time is money and you need to do all repairs quickly in order to let the place asap

amnblog

Dimbo is spot on here.

Borrowers often assume that a standard residential mortgage is what they are looking for but 'residential mortgages' are not available for uninhabitable properties.

This will be, in all likelihood, if it is funded, a commercial transaction.

If the property is up for auction - that is another can of worms.