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I want to buy a property to renovate & and then move into over the next two years. At some point after I will then sell the original. What are my options?

Posted on 25 August 2015 by Peter


I own my own house worth £140,000 with no mortgage on it. I have found a house that I wish to renovate and make my home over the next two years. I have £40,000 to put down and need a extra £80,000 to purchase the property. When the property is done, I wish to sell mine and pay back the morgage, in a time scale of 5 years at the most. Is there a mortgage that would lend to me to be able to do this? Peter.

Peter,

Without knowing the rest of your personal financial I can't say 100% that we can get the mortgage, but there are a few options that we can explore. The first would be to look at raising the £80,000 on your existing property, which is certainly likely to be the cheapest in terms of rates and fees. Once the work has been done on the new property and you have moved into it, we can then look at either 'porting' the mortgage onto the new property, or converting to a Buy To Let if you should decide to rent it out the current home, prior to selling within the 5 years you mentioned.

You can get a better idea of exactly what options are open to you by contacting one of our consultants on 0344 346 3672 and they'll be able to go through your enquiry in more detail.

Regards,

Simon

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