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Private mortgages?
se2020
Posts: 706 Forumite
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!
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!
0
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