No chance of mortgage but..... ?

rhapsody_princess

Not sure on this at all....

I don't have a great credit history and the 'thought' of applying and being accepted for a mortgage is completely out of the window for a few years...at least! :wall:

However, after clearing debts and saving like mad, i believe i could buy a house very cheap and with it obviously needing a lot of work to get it to a standard i would need a loan of some effect.

if i were to purchase a property outright, are the chances of getting a secured loan etc to pay for such repairs, adn would this be seen less risky to lender as property is owned outright?

Any help or ideas on this would be greatly appreciated

Voyager2002

Don't go there...

Doing up a property is not just a question of spending the money to get it up to standard: you are entering a minefield of finding skilled tradespeople; deciding which of them are or are not likely to do a good job; managing them; maintaining a professional relationship even as timing slips and costs over-run... Unless you have experience in project management and a good knowledge of the trades related to building you should stay well away.

ACG

Trying to get a secured loan as a first charge in itself is difficult enough.

Maybe buy a cheap property that needs modernising? Get a small mortgage say £50k and then if you need a loan to do the work you could do that as a second charge.

Assuming its below 70% LTV there will be lenders that will allow you to overcome most adverse.