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MARTINS VIDEO FOR SELF-EMPLOYED * DELAY HOUSE MOVES * EUROSTAR UPDATE
Financing a house purchase and renovation
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Current home owner. Value c£300k, O/s mortgage £80k.
Want to buy house needing renovation. Cost £320k, renovation costs £120k.
Problem is, need to raise finance for purchase and renovation and sell current house.
Bridging loans are expensive and renovation and sale of current hose may take several months.
Need advice on best options.
Can I get a £420k mortgage to fund purchase and renovation using both properties as security and then repay a big part of this mortgage after current house sale ?
Any advice on way fwd appreciated.