Can I get a mortgage?

lhchap18

Hi All,

A piece of land has come on sale near to where I live. There is currently a single pair of semi-detached houses on the land in a bad state of repair. The land has outline planning permission to demolish the semi-detached houses and build 3 new pairs of semi-detached houses.

I currently could never afford to build the 6 new plots and ideally would love to renovate the houses currently on the land and knock the two homes into one. This would leave me with a very nicely sized home and a unbelievable garden.

The problem with this is, would I be able to obtain a mortgage on buying the opportunity as the current semi detached houses there, are likely to be inhabitable? Is there any other funding options that i may have? The land is up for sale for £100k, hoping to get it for £80k. Estimating costs of around £50-70k for the repair of the two semis. This is although a rough estimate as I haven't actually been inside them yet. I currently owe £50k on a current mortgage and would ideally like to rent this house out. I'd probably be looking to borrow £100k to purchase the opportunity and get the windows and roof to a suitable standard to allow me to do the necessary dog work inside over time. Certainly not in a rush to complete the project as I plan it to be the families 'site' for the rest of our lives.

I've finally been able to get hold of the owner and I've got a viewing in the property this afternoon.

Any advice on funding the project will be appreciated.

Thanks all.

Dave_Ham

You are incredibly unlikely to achieve conventional finance, but there may be solutions depending upon the detail.

You are going to need to put circa 30% in yourselves as a deposit

Almost certainly one to be discussing with a broker

Lastly if there is development potential, you may be up against cash buyers/developers so be careful how you explain your situation at a viewing as you may come across as a dreamer