We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Private mortgages?

Options
se2020
se2020 Posts: 552 Forumite
Fifth Anniversary 100 Posts Name Dropper
edited 21 August 2020 at 9:41PM in Mortgages & endowments
I was previously looking at a property (part finished barn conversion) but I was unable to get a mortgage on it as all the lenders my broker (and myself) tried would only offer self-build mortgages and I do not have the income to support the final value of the build. My plan was to move into the finished part and do the rest of the conversion  myself over a few years funding from my own income.

After lots of searching and not quite being able to find a lender the broker has suggested a private mortgage,  I thought this would mean I would need to find family or an individual to lend me the money but apparently private mortgages are a bit more mainstream than that.
A google search does indeed show plenty of results ranging to private banking from big name banks to companies that I have never heard off.
Does anybody know anything about these?
Ideally a rough idea of the rates they would charge as well?
Thanks!
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 351K Banking & Borrowing
  • 253.1K Reduce Debt & Boost Income
  • 453.6K Spending & Discounts
  • 244K Work, Benefits & Business
  • 598.9K Mortgages, Homes & Bills
  • 176.9K Life & Family
  • 257.3K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.