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Remortgage to buy, fix and then move - or sell, rent, buy fix and move?

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RamBro Posts: 24 Forumite

26 October 2020 at 3:48PM in House buying, renting & selling

I'm looking for a renovation project for our (hopefully) forever home. I've been thinking about how to do it in a way that's least disruptive to my family and see two options:
1) Move into a rental in the target area, buy, fix and then move again. The three negatives I see with this are 1) two moves, 2) possibly another school move and 3) cost of around £8K for six months (but could be more). On the plus side we'll be in the area, so viewings far easier than the 150mile round trip and can do more of the work myself.

2) Remortgage current house to around 70% LTV, purchase, fix/sell, move and complete. I'll have £140K from the remortgage + savings, and should get an additional £40K after sale of current home. I estimate the deposit + work to be under £160K, so may have to leave some bits until the sale. Negatives are the total amount of (affordable) repayments until I sell the current place and possible downward trend when selling . On the plus side: only one house & school move, can take our time as money isn't being burned on rent, cheaper (low/zero fee and no ERC mortgage).

What would you do?

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Remortgage to buy, fix and then move - or sell, rent, buy fix and move?

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