Mortgage advice

axel132132

Hi all,

Hope everyones still alive after the apocalypse that was the euref

Need a bit of advice, ive found a home well in fact its two homes the owner was renovating them so they have both been totally guttered they have new windows, roof and thats about it. The inside is literally a shell

Now the owner has gone bust after trying to build too much at once and the oppertunity here is crazy, the two shells have planning permission for two 4 bedroom homes and are for sale for 99,000 for both... I could probably renovate mysef for around £40,000 so id probably want a £150,000 mortgage

Is there such a thing as a renovation mortgage i did some googling but couldnt find anything - because obviously with no kitchen etc you cant just get a normal mortgage

Thanks for any advice and i appreciate it
Dave

MortgageMamma

You need to look for a heavy refurbishment bridging product, and before you do that you need to have all your costings for work/materials/time etc.

Are you are current homeowner or a first time buyer?


Bridging finance is not as easy to do as a normal mortgage.

axel132132

Once i have the viewing i can measure up and cost up easy enough

Current homeowner due to sell home

It will basically be a lot of hard work put in by me but will pay of in the long run :-)

MortgageMamma

I wish you well with it, and I'd recommend you seek professional advice as bridging finance can be tricky and extremely costly if you get it wrong. With bridging finance you can either choose to pay a monthly amount for the loan or roll up the finance into the loan amount which will be repaid upon sale of property. If you are planning to let the properties out you can remortgage onto a buy to let as soon as you have the property to a decent living condition i.e. full kitchen bathroom, windows. doors, heating system etc.