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Starting out

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  • Starting out

    Hi all,
    Been interested in property development for some time but never dabbled. Have my eye on a 1 bedroom flat. Naff condition, but good area. Scope to turn into 2 bedroom. Off market at moment. Likely purchase price, £105k, re-development cost £20k, likely re-sale £145k. How do I finance? My personal circs; I have equity of about £180k in a house valued around £280k. I am self employed and my earnings are sporadic. Joint income with my wife around £40k at the moment. I have about £10k in cash. Im not sure what sort of mortgage to get, how I'd get it and what my chances are. To be honest, I dont really know where to start. If anyone can give me some advice I'd be really grateful. Thanks in advance.

  • #2
    A mortgage broker should be able to help, but you may find it tough - many lenders are completely retentive about the self-employed and even company directors.

    However, at least you do have the potential for equity release on your side, so hopefully that will help - best of luck with it!


    • #3
      Brian is right, you should speak to an independent mortgage adviser.

      You certainly have scope to raise some cash on your main home, possibly up to around the 200k mark, but that will still leave you short. You could then look at raising further cash on the property you are buying. Lots of ifs and buts really, would need to have a chat and conduct a full factfind before I could offer any real advice.

      An independent mortgage broker is definitely needed here.
      Independent Mortgage Advisor, expert in residential, buy to let, holiday let, and refinance mortgages