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Mortgage To Purchase & Renovate Property

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  • Mortgage To Purchase & Renovate Property

    Hi, I am looking for anyone who knows of any mortgage product that is available for buying and renovating an existing property. To make matters a little more difficult I am the owner of a limited company so as far as lenders are concerned I guess they see me as self employed and the business is doing well albeit it is only about 9 months old. On the positive we should have just over 30% cash deposit. Anyone know of any products out there which may be available to us (I have already tried a broker called 'Build Store' but they could not offer any opportunity
    I would have thought with such a high deposit there must be a product out there. Any help would be much appreciated.

  • #2
    Re: Mortgage To Purchase and Renovate Property

    Hi, there are mortgages and other financial products (e.g. bridging loans) for properties in need of renovation, but the right choice depends on the state of the property and what you're planning to do. However, while most lenders require 2-3 years of Ltd company accounts, even the lenient ones require at least 1yr finalised accounts. If you're a contractor on a daily rate, then some further options may be available to you. The size of the deposit might help you to get bridging finance and then remortgage once the works are completed and you have your 1st year accounts done.

    Lilla

    www.bluewingfinancials.co.uk
    Last edited by Lilla D; 31-03-2018, 02:16 PM.
    I am a Mortgage Advisor
    For further information and for tailored advice:
    [email protected]

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    • #3
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      Buying belongings inside the UK will likely be your biggest single funding, so it's critical to exercise session the total fee – now not just your UK mortgage – and how much you can realistically have the funds for when searching UK assets for sale. You additionally need to plan for will increase on your destiny outgoings, like a rise in hobby quotes. Should you wish to report for a divorce inside the UK regulations may also vary concerning your own home. You have to use the mortgage calculator before buying any property.
      Mortgage :A mortgage is a loan taken out with a bank or buy a house or other property. The mortgage is usually for a long period, typically up to 25 years, a...
      Last edited by Acreman123; 27-07-2018, 10:34 AM.

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      • #4
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