Sensible Advice needed

Luke_T_2

Hi,

I am looking for any advice going based on my current situation.

I am a first time buyer who has had an offer accepted on a property for £150,000. The property in question needs £25,000 worth of work on it, after which I plan to sell it on. I have planned on all the work to be carried out within 4 months.

My question is this, what type of mortgage should I look at getting based on the fact that I only want to keep it for approx 4-6 months? I have spoken to Halifax already and they told me that although I could borrow upto £180,000 they wouldn't borrow me the money if I was planning to sell it within 6 months. Also I am looking to borrow around £175,000 so I have enough money to make the alterations / repairs on the property. When I asked Halifax about this they suggested that I loan the extra £25,000 from another source.

Any advice on my situation is much apreciated.

Thanks
Luke

budget_counsellor_shaz

Luke_T wrote: »

Hi,

I am looking for any advice going based on my current situation.

I am a first time buyer who has had an offer accepted on a property for £150,000. The property in question needs £25,000 worth of work on it, after which I plan to sell it on. I have planned on all the work to be carried out within 4 months.

Any advice on my situation is much apreciated.

Thanks
Luke

I'm sorry Luke, I think you are being a little optomistic in thinking that you will be able to do the work needed and sell the house within 6 months. You say that you will complete the work in 4 months, I think you will be hard pushed to sell and complete the sale within another 2 months unless you are intending to sell at auction.

So if this is the case I think you will need a mortgage for at least 6 months.

Shaz

Luke_T_2

Thanks for the reply, you may well be right about being optimistic. Either way I would still need to borrow 150,000 for the house plus 25,000 for renovation & decoration. The 6 month limit isn't really the priority as I know how things never work out as planned.

Sorry I should make it clear, I need advice on mortgages (best one for my situation) and borrowing the money.