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getting a mortgage on a property i allready own?

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  • getting a mortgage on a property i allready own?

    hi people i need some advice, i ve inherited a 2 bedroom bungalow that has been valued at £187,000, it is in need of modernising and the next door bungalow that has been done already and is identical has just sold for £250,000. i want to get a mortgage on the property of a £130,000 to do the work and clear a couple debts. i was wondering if anyone can tell me how easy this is going to be?

    mr ed

  • #2
    Your best bet is to put the same question to a local mortgage broker. They will likely be familiar with which mortgage companies show the greatest enthusiasm for such deals -- and which ones shy away from them (ie, some will hold back a substantial proportion pending completion of certain works - and this can dictate the sequence of your intended work)
    Renovation opportunity, 3b det., Carmarthenshire


    • #3
      It really does depend on the state of the property in its current condition.

      Assuming all the work you will do is cosmetic, and the property has a working kitchen & bathroom, you should be able to raise up to 75% of the value without any problems (subject to income, credit score etc).

      Your own personal circumstances will effect things too, its not just whether the property is adequate security. For example, if you don't currently have a mortgage, there is no reason you couldn't just get a residential mortgage, likewise you may have options for a btl mortgage or you may need a lender who specialises in refurb loans.

      Speak to an independent mortgage adviser, just explain exactly what the situation is and what your future plans are and they will explain your options to you.

      Feel free to contact me for an informal no-fee chat should you wish - 0800 011 2825

      The link below will take you to our website where you can get info on the company and check us out before calling.
      Independent Mortgage Advisor, expert in residential, buy to let, holiday let, and refinance mortgages