Loan on top of mortgage - any ideas?

anders170

Hi can anyone advise on this please? Ive seen a house Id like to buy as a holiday let but Ive been told its "not mortgaeable" by several lenders now. I can borrow 65% of the asking price against against my home (which is owned outright) but that still leaves me to find around £50k. Has anyone been in a position like this and managed to obtain a secured loan or any other type of loan? I am experienced in the holiday-let industry and know this property will be successful in the right hands. Im very worried about being caught up with loan sharks!
Any ideas?

CKhalvashi

Secured finance will be difficult to find on this one, plus being expensive (in the form of a bridging loan)

What is the issue with the property? Is it just unmortgagable because of the type of property, or because there's a more severe issue?

It may make sense to take a bridging loan for the first few years, then apply for a commercial mortgage after, but only if you're sure that the return would should be IRO 1% of the purchase price per month approaching the end of this.

A brokers advice would probably be better than mine in this case, and I'm sure one will be along soon to help

anders170

Hi, thanks for that. Ive just had a look at bridging loans, I think Id need a loan for more like 5 years or it would be too stressful. The house has been turned down as its "non-standard", Ive spoken to dozens of mortgage brokers and banks and holiday letting specialists etc, and they wont lend on the structure of the house (timber/render) even though it is excellent condition and has someone living in it!