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Getting a mortgage for uninhabitable property with no work or credit history?
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chilswelluk said:Deleted_User said:Forget this property. No one is getting a mortgage for it.
Even if I save more money than the 30k I currently have, I still want to buy a similar property.
A bridging loan is for a maximum of 12 months and is generally around 12% interest for the year.
Your not going to get this with everything else to contend with.
My first home was a renovation project but by renovation I mean it needed a new kitchen and bathroom, GCH and decorating. You could live in it, but it was a throwback to 70s and reliant on storage heaters. You can get renovation project properties but you need to be able to live in it really even if you plan on living in a caravan on site so to speak.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
ACG said:
A bridging loan is for a maximum of 12 months and is generally around 12% interest for the year.
Your not going to get this with everything else to contend with.
My first home was a renovation project but by renovation I mean it needed a new kitchen and bathroom, GCH and decorating. You could live in it, but it was a throwback to 70s and reliant on storage heaters. You can get renovation project properties but you need to be able to live in it really even if you plan on living in a caravan on site so to speak.0 -
With starting your new job etc, will you have the energy and time to do this project, what if the job eats into the spare time or leaves you exhausted for weeks on end - surely you're not thinking of doing the project until you drop ?
I like the idea of the project but just thinking about running it alongside a paid job tires me out0 -
[Deleted User] said:With starting your new job etc, will you have the energy and time to do this project, what if the job eats into the spare time or leaves you exhausted for weeks on end - surely you're not thinking of doing the project until you drop ?
I like the idea of the project but just thinking about running it alongside a paid job tires me out
I think a project like this would give me purpose and a sense of achievement. I can't really get excited about buying any other type of property. It's something I have always wanted to do.0 -
Wonder what the most I could get in an unsecured personal loan would be? I guess I would need some sort of credit history? If I save hard, I could possibly increase my savings to 50k within the next year (I also have some private cash work that I do). I could then take out a couple of credit cards and make small purchases on each per month. Wonder if that would be enough to get a large unsecured personal loan? I guess they would be more inclined to lend if I told them I wanted the money for a new car, motorhome, boat etc.clive0510 said:we did pay cash with the help of a large personal loan from alliance & leicester . we told them the money was home improvements.0 -
Maybe a "happy" medium could be something that you could get habitable within 12 months to get you off the bridging loan on to a residential mortgage. But that would be risky in the current climate anyway as the next 12 months could be hit or miss with property prices or possibly buying land with planning permission, but I appreciate that is not quite as nice as a renovation project.
In any event, you would probably need a good 30% deposit plus the money to do the work.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
ACG said:Maybe a "happy" medium could be something that you could get habitable within 12 months
I really want a project that I can devote my life to over many years. Not looking to make a quick buck, but looking for a forever home.0 -
To get a mortgage on a property it needs to have a " working kitchen and bathroom "
Now it does not matter if the kitchen is 70 years old and little more than a sink and stove ( oven ) and bright green bathroom.
Hole in the roof will come up on survey so again you need funds to do the essential repairs.
£38K a year is a good income well done
After 3/6 months you can (1) Save like mad and (2) produce wages slips and banks statements to prove income.
Get a good broker and buy a suitable property you can value too.
Side /Rear extension, complete renovation of the interior with new bathroom and kitchen.1 -
dimbo61 said:
After 3/6 months you can (1) Save like mad and (2) produce wages slips and banks statements to prove income.
Get a good broker and buy a suitable property you can value too.
Side /Rear extension, complete renovation of the interior with new bathroom and kitchen.0 -
chilswelluk said:
Wonder what the most I could get in an unsecured personal loan would be? I guess I would need some sort of credit history? If I save hard, I could possibly increase my savings to 50k within the next year (I also have some private cash work that I do). I could then take out a couple of credit cards and make small purchases on each per month. Wonder if that would be enough to get a large unsecured personal loan? I guess they would be more inclined to lend if I told them I wanted the money for a new car, motorhome, boat etc.clive0510 said:we did pay cash with the help of a large personal loan from alliance & leicester . we told them the money was home improvements.
You will have to keep saving if you want the type of people you are looking at.
Mortgage started 2020, aiming to clear 31/12/2029.1
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