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old building and a mortgage?
myright
Posts: 689 Forumite
Hey guys
I've seen a derelict old persons home which will go on auction soon. But it's in a bad condition from the inside. It's been vacant for many years. It will need a lot of working doing including electrics walls, flooring etc.
I plan to buy it for dwelling. Fix it up and move into it. So it will be vacant when I buy it as works needed on it. So I plan on getting some sort of insurance.
So my question how am I supposed to get mortgage on it? I will be able to acquire 30 percent deposit for the house.
Also I have a property that is mortgage free. Perhaps I can use that as security? My gf also has a house with a mortgage. Perhaps we can get a mortgage advance on it?
I've seen a derelict old persons home which will go on auction soon. But it's in a bad condition from the inside. It's been vacant for many years. It will need a lot of working doing including electrics walls, flooring etc.
I plan to buy it for dwelling. Fix it up and move into it. So it will be vacant when I buy it as works needed on it. So I plan on getting some sort of insurance.
So my question how am I supposed to get mortgage on it? I will be able to acquire 30 percent deposit for the house.
Also I have a property that is mortgage free. Perhaps I can use that as security? My gf also has a house with a mortgage. Perhaps we can get a mortgage advance on it?
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Comments
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A complex case. You will not get a standard residential mortgage on this property but can possibly get some kind of commercial arrangement whilst you convert.
One for a broker.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 -
In terms of securing a loan would I use my own residential home as security or what?0
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How much is your house worth?
How much do you earn?
Do you have the funds to renovate the new property?I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, 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 -
As AMG says - this sort of case is not going to get sorted on here (or any other forum).
Engage a professional broker/adviser.Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0 -
You may be better living on site from day one.
Council Tax and security aspect !
You may find other bidders after property for conversion into flats or knocking down.
This all depends on size of property, plot, location etc0 -
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Thanks guys. Property value is about 268k. I earn about 25k but will probably get a friend to also to get on the mortgage he earns about 20k as well.0
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With your income it sounds unrealisticChanging the world, one sarcastic comment at a time.0
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Oh but can't I secure it on one of my homes?0
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Can't I secure it one of our houses?0
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