We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 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!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Mortgages for Property Developing?
larryuk
Posts: 92 Forumite
Hi all,
I currently have a mortgage on our first home that we started almost a year ago. I have always been interested in property development and love DIY, and what to find out how one would go about financing a property development.
Ideally I would be looking at buying a house, doing it up, selling, and then repeating.
My question is how would it be possible to fund a project like this?
Would I be needing to take out a whole other mortgage for it and is it possible to use equity etc in my current house?
I know times are a bit difficult with mortgages being accepted at the moment but Im looking at it being something I could do in a few years time.
Would appreciate any thoughts?
I currently have a mortgage on our first home that we started almost a year ago. I have always been interested in property development and love DIY, and what to find out how one would go about financing a property development.
Ideally I would be looking at buying a house, doing it up, selling, and then repeating.
My question is how would it be possible to fund a project like this?
Would I be needing to take out a whole other mortgage for it and is it possible to use equity etc in my current house?
I know times are a bit difficult with mortgages being accepted at the moment but Im looking at it being something I could do in a few years time.
Would appreciate any thoughts?
0
Comments
-
Not a good time to start at the moment credit crunch, house prices going
down, could you improve your present home and add value to that ??
Have you got much equity in your house ? only in a year !!
All looks easy on the TV but lots of hard work and plenty of money to
invest to buy property and pay for materials and workmen ( plumbers + electrians + central heating corgie reg engineers ) GOOD LUCK0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354K Banking & Borrowing
- 254.3K Reduce Debt & Boost Income
- 455.2K Spending & Discounts
- 247K Work, Benefits & Business
- 603.6K Mortgages, Homes & Bills
- 178.3K Life & Family
- 261.1K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards