Best mortgage for fixer upper investor?

edley

Hi there

I've owner occupied a couple of houses and then sold after a number of years, making a profit. At one point after meeting my husband I moved out of my own house and rented it out, becoming a BTL landlord for a couple years and getting a BTL mortgage.

I'd now like to buy, renovate and sell on (not BTL) a property or two. Any ideas on the best mortgages for this purpose? I keep coming across BTL mortgage deals for investors. Would this apply to me if I'm not buying to let as before? Do I do it under residential? I want to do things properly.

Ta
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Let_Us_See

I suggest you go back to the drawing board and do a little more professional research as neither residential or BTL mortgages are ultimately appropriate for your plans if you are planning a quick turn round of properties.

And, before you ask, find a broker with development finance experience.

amnblog

There are specialist products on the market which allow some light renovation before letting out a property - these are priced at about 5%.


They are not designed for renovation and then sale.


Similarly, a more major renovation would not be suitable for borrowing on these products. Neither would a purchase, renovate, and sell project.


As noted above these come into the realm of development finance which is priced at commercial rates.

edley

Thanks guys

ACG

Typically you would be looking at bridging finance which is usually from around 0.6-1.5% per month with fees in the region of 1-2% + val and legal fees.

Also bare in mind if you buy a property you will find it very difficult to sell within 6 months.

Sit down with a broker, our job is not just to put in place a mortgage we are here to help and guide you on the products for your circumstances.