Let to Buy advice needed!

Ben27

Hi, I have a conundrum I was hoping someone could help me with. I am currently in the process of converting my bungalow into a two storey house. Current state is its a building site.

We can't afford to finish the whole job in one hit, so we were going to do it in two phases (80% roughly first phase). But we are now thinking of renting it out and buying somewhere else, and using a let to buy mortgage to pay the extra renovation cost to complete the job, and fund the new purchase...but it's a bit chicken and egg...we need the let to buy money to finish the renovation and buy the new house, but we need to finish the renovation to get the money...I'm told there's no way the mortgage lenders will give you the money if it's not finished - the value of the place both sale price and rental assessment would be considerably lower if not finished.

Question is has anyone got any bright ideas round this where we could get the money from let to buy before finishing the renovation or is it just a no go full stop?

Many thanks!

Ben

Thrugelmir

Make sufficient of the property liveable and reside it until such time as you've got the money to finish it.

You are already over stretched. A step further could result in calamity.

kingstreet

It will have to be in "readily lettable" condition, otherwise a 100% retention is likely until it's finished.

There appears to be no mortgage source for this, so it's different forms of financing you need to consider.

Annisele

As others have said, there's no way you'll get a BTL mortgage on a building site.

There are some specialist lenders that might be able to help you (I'm thinking of BuildStore, but I'm not sure if your situation is something they'd take on).