Property development and mortgage brokers

OrangeSunset

Am starting to look at the idea of property development (currently a Stay at home mother, more time on my hands).

We have a mortgage on our home (approx 4/5th equity) and my husband is sole earner.

Are there any particular brokers who specialise in this kind of lending? I appreciate it may be a long shot!

Thanks

kingstreet

It's commercial finance you need for this.

If you want to do up and sell on, no mortgage lender will be interested. If you intend to do up and let any property, you might be able to finance it with a BTL mortgage, but be careful most are based on the property being "in readily lettable condition" from completion.

Be careful of the taxation differences. Instead of being assessable to CGT on any gains, a professional property developer sees the gains taxed under income tax rules instead.