Mortgage and renovations?

taylor86

We are looking into a property that needs renovation. If we go ahead we would need a loft coversion to add extra bedrooms and various other bits and pieces. We need to spend approx 35k to get to standard (although hubby will actually do lots himself so hopefully this will come down some)

if we went ahead we would move into the property with about 16k cash. Enough to get started but certainly not complete the work. We would then have to beg, steal and borrow and max a few credit cards to finish the project. After the majority is completed we would then want to remortgage to consolidate what we have spent.

Could we get a mortgage without an early exit fee then remortgage to a fixed or take a fixed then borrow an additional amount? What options would we have? The work may take about 4-5 months. I'm hoping borrowing won't be an issue as max we would want in total will be 3 x salary.

Jimbo1976

Whilst taking out a mortgage without any early repayment charges may be an option, some lenders won't allow you to remortgage within 6 months of purchase, so bear this in mind.

Another option is to speak to a mortgage broker, they should be able to find a lender which will allow you to arrange a mortgage for the total amount you need (after paying off the cost of works), you would be given enough to buy the property up front and then given the rest once the lenders surveyor has confirmed the work has been finished and more importantly the property has gone up in value.

Good luck