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old building and a mortgage?
Comments
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Senior_Paper_Monitor wrote: »As AMG says - this sort of case is not going to get sorted on here (or any other forum).
Engage a professional broker/adviser.
Your income seems modest for this project as does your deposit.
We have not yet mentioned build costs.
If you are serious about this get some advice quickly. If this property has good potential there is probably already someone lined up with cash to buy it.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 -
Theoretically you could mortgage your existing house and use the funds as the deposit for the new house, but then you have two mortgages to pay plus the costs of renovation. On your salary I don't think you will be able to get two mortgages for the amount you require.Changing the world, one sarcastic comment at a time.0
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So are you saying I need either a higher salary or I mug bigger deposit in theory and I can obtain that by remortgaging my house?0
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In theory you can remortgage your house and spend the money on whatever you want, if you can afford the repayments. There's no guarantee that the bank would lend to you on the new house. If it's in bad condition you will be unlikely to get a mortgage on it at all.Changing the world, one sarcastic comment at a time.0
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If you can sell your mortgage free home and get a 30% deposit together on top you may get a Loan to refurbish the property.
In the current mortgage market MMR I think it may well be too much for you SORRY !0 -
If you have enough equity in your property you may be able to borrow against it. Not on a standard mortgage.
If you are really serious about this get yourself some advice.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
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