First time buyer on a renovation

Splitty93

Hello, I'm currently looking into buying my first home. I have a 10% deposit for a property of around £150000 which should be easily affordable on the payments. I'm looking into doing a renovation project, so buying a house doing it up then possibly around 6 months later selling it on. Can this be done with a mortgage? Lots have big early exit fees, so I assume I'd have to take this into consideration when buying. I understand I'll have to pay stamp duty, solicitor fees etc. Can you get specific mortgages for this? As can't seem to find a lot of information on it? Thanks for your help

ACG

You need developement finance.
Rates are significantly higher than on a residential mortgage - typically around 1% per month (ie 12% p.a). Arrangement fees in the region of 1% + valuation and legal costs.

A residential mortgage is for a property that is habitable and you intend to live in.

Also bare in mind if you do go down this path, you will struggle to sell the property within 6 months due to lenders rules. Also your deposit may be a little on the light side.

csgohan4

Homes under the hammer fan