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rebuild mortgage
JASPER_3
Posts: 2 Newbie
I am looking at buying a house for 50 - 55k which needs 10k's worth of rebuild/restoration work. When this is complete it will be worth 72-75k. Is there a way I can get a mortgage to cover the value of the house now and the money needed to complete the work? If now what is the best way around this? I am a first time buyer and am finding this all a bit of a head spin. Thanks Janey ( alias Jasper )
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Comments
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There are indeed a few lenders that will look at finance for the purchase and then redevelopment.
It will depend on your circumstances and situation, as to whether they will agree to your scenario.
The property type and work needed to be carried out will also have a bearing on what lenders will agree to this.I am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
thanks for that, it's good to know it's possible.....but I am having difficulty finding those companies, can you suggest any?0
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