How can we buy a house to renovate without releasing equity from our property?
Posted on 25 February 2008
We would like to buy a house to renovate. Would a bridging loan be suitable? Or are we wasting our time applying? We currently have a mortgage with the Nationwide but we wanted to do this as a separate entity without releasing equity on our property (about £55,000). The figure we would be looking at would be around £100,000.
Many thanks,
Jess
Hi Jess ,
You would need some cash deposit from somewhere, around 15% of the current purchase amount.
The place to get specially designed development and build-your-own mortgages (and some very experienced advice) is www.buildstore.co.uk http://buildstore.co.uk
Categories: Raising capital out of property
Answers provided in response to Ask the experts are based on the information provided and do not constitute advice under the Financial Services & Markets Act. They reflect the personal views of the authors and do not neccessarily represent the views, positions, strategies or opinions of John Charcol. All comments are made in good faith, and John Charcol will not accept liability for them.
We recommend you seek professional advice with regard to any of these topics where appropriate.