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Thinking of buying property

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  • Thinking of buying property


    Just found your interesting looking site and thought it would be the right place to seek some advice.

    Hubby was made redundant earlier this year and isn't sure what he wants to do next. We have already bought a buy-to-let which we have redecorated and let successfully. Not making any money other than covering the mortgage and insurance etc., which is fine, it's meant to be a long term investment.

    Hubby fitted the new kitchen and is good at DIY/plumbing etc., and has started to think about buying another property to do up and sell and therefore make some money to actually live off.

    My concern is are there lenders out there that would (not for a ridculous interest rate) lend him the money as he is umemployed at the moment and therefor he would be borrowing the money just to buy and do up the property, and that would be his living, if you see what I mean?

    I only work part time at the moment, so we are just managing to get by.

    Look forward to your commets.

  • #2
    Hi Ailsa, and welcome to PropertyWatch.

    As for lenders - well, if you own your own property and also a buy-to-let, then my impression is that lenders shouldn't have problems with a secured lending arrangement on one or more of these properties, and that owning two properties (presuming all paid for an no black mark on your credit history) would give you something of a credit rating.

    Of course, lenders don't necessarily run on common sense, but it's certainly worth looking at your options - in a worse case scenario I can't see why a decent self-certified mortgage, or similar, couldn't work with decent rates, in the event that "normal" high street mortgages won't work.

    Anyway, I'm not a mortgage advisor myself, but I know a woman who is brilliant with this sort of thing - if you want to shoot me an email to brian AT britecorp.co.uk then I could pass it on and see if she can give some free professional advise.


    • #3
      Thanks for your reply Brian, will drop you an email.