Does anyone know how and where to borrow money to buy and do up a property? There's a property coming up at auction very very soon and we would like to buy it and make it livable in before selling our own house. We already have a high % mortgage on our own house so the whole thing is probably unlikely, but you see people managing to borrow money on all the tv property programmes so it must be possible somehow! Any advice would be greatly appreciated asap! Thanks, Jayney
Its probably best if you find yourself a mortgage broker and discuss it with them.
I am doing the same thing, I own my own property with not a huge amount of equity but have had a mortgage agreed for a property going up for auction in about 3 weeks time.
I'm not sure how much you know about buying a property at auction but its a good idea to get your mortgage agreed before the auction.
The mortgage advisor is deffinatly a good idea. I have a fantastic one. We are going it alone for the first time, having my father investing to get us going b 4. There are companies out there who will look at your situation, but don't get bogged down lookin urself...
I am an experienced landlord and I cannot stress enought about having a good specialist broker working hard for you AND doing your own sums beforehand so you do not incur unneccessary valuation fees for dud deals. Plus FYI, I have financed the deposits for 2 properties from 0% cc deals. It can be done but you must be very organised!!
Hi All, I have just bought an edwardian property and have put forward plans to convert into 3 flats. Planning will be granted in 2 weeks alls well. I know its late days but to finance build where would be best place to go and what sort of return would they wish for? Regards and Merry christmas
Definately do your homework and lots of research first. It is possible to sort out mortgages prior to auction, there are a good few lenders now that can work rapidly to produce offers in good turnaround times. Ensure you have deposits and fair to good credit scores though. Make sure you undestand the legal pack and have a good solicitor. To theathleet - not quite sure of your request please clarify.
You need to speak to a broker, but as a good and quick starting point for Auction property, the Rpyal Bank Of Scotland do a deal where they finance 75% of purchase, 75% of improvements (%'s correct at my last quote). You can find the ads with the numbers of the people to speak to in the Roy Pugh Auction catalogue online. Bridging finacne possible, as are 0% credit cardsw but make sure the property is mortgageable otherwise you may end up stuck with an expensive debt later down the line! Good luck!
Have you thought about a guarantor mortgage? It takes into account the income of your guarantor as well, so you can get a much larger amount. My partner and i only have 14,000 income between us but are really keen to get on the ladder.
Good for young people with parents who have confidence in them.
