Can I get a residential mortgage?

JF3RGY

Hi all,

I've seen an interesting property for sale locally to me that is "in need of renovation" and could be bought at a good price. I currently own a property that is under a consent to let from my mortgage company and let out long term to a young family. I live/rent in another village.

The opportunity to make money on the property for sale seems massive and I want to try and buy it and either sell it on or live in it myself. The question is - am I likely to be able to get a normal residential mortgage for it as I will still be paying rent etc whilst renovations are ongoing and I might not actually end up living there!?

I have only a 10% deposit available baring in mind the renovations and the mortgage borrowing will be 3.6x my salary or 2.9x a combined salary.

Any help/advice would be appreciated

Thanks in advance

Contemptuous

If you intend to live in the property once renovated then that would be a residential mortgage.
If you're looking at purchasing the property as an opportunity to simply do up and sell on for profit then that's more likely to be a commercial mortgage I believe - it certainly wouldn't fall under the remit of a residential purchase.