Buying to sell/rent - finance options

VicShill

Hi all

I am looking into buying a second home to refurbish and sell on. I have never done this before and am therefore trying to do as much research as possible before jumping in.

What I'd like to know is...
Is my only option a bridging loan for 'buy to sell'? I have cash for a 25% deposit and more for renovation but couldn't buy outright.
Is it possible to convert a buy to let mortgage to a buy to sell mortgage if I want flexibility to decide whether to rent or sell?
Do I have any other options? I'd be looking at buying a property max £100,000.

Thanks in advance for any advice.
Vicky

hazyjo

Similar threads here that will give you some of your answers:


https://forums.moneysavingexpert.com/discussion/5925891/purchasing-a-house-to-either-sell-on-and-rent


https://forums.moneysavingexpert.com/discussion/5769348/buy-do-up-sell&highlight=thinking+of+doing+up+house+sell


https://forums.moneysavingexpert.com/discussion/5882045/would-you-bother-with-btl


https://forums.moneysavingexpert.com/discussion/5835339/first-time-buy-to-let-advice

Gary_Poulton

In your case there are other finding options available which can be used such as regular loans, loans from relatives and many more. Since you already have 25% of the cost, Bridging loan can be a good option as well. The benefit of bridging loans are many, which you can consider, if you opt for Bridging Loan.

hazyjo

Gary_Poulton wrote: »

In your case there are other finding options available which can be used such as regular loans, loans from relatives and many more. Since you already have 25% of the cost, Bridging loan can be a good option as well. The benefit of bridging loans are many, which you can consider, if you opt for Bridging Loan.

Let me guess. You're the same GP as I've just found an article on saying you're a Chief Operating Officer of a bridging loan company.


OP - ignore the above advice (or PMs you may have been sent). Bridging loans are fine for guaranteed short term ventures. I would not put this in that category.

Comms69

https://bridgingfinance.carbonmade.com/projects/6635493


Same Gary Poulton?


As G_M put it, avoid

G_M

Comms69 wrote: »

https://bridgingfinance.carbonmade.com/projects/6635493

In order to present you with a really flexible range of options, our loans are not regulated by the FCA.

This is neither a cheap nor safe way to raise the money.
What's wrong with a deelopment mortgage?


Get yourself a good book on property development before going further!

Comms69

G_M wrote: »

This is neither a cheap nor safe way to raise the money.
What's wrong with a deelopment mortgage?


Get yourself a good book on property development before going further!

Sorry I wasn't clear and I've edited it...

DCFC79

hazyjo wrote: »

Let me guess. You're the same GP as I've just found an article on saying you're a Chief Operating Officer of a bridging loan company.


OP - ignore the above advice (or PMs you may have been sent). Bridging loans are fine for guaranteed short term ventures. I would not put this in that category.

I dont think the OP will be back, they posted 2 months ago, Gary Poulton dragged it up to spam.