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.
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.
More than mortgages, talk to me about: Financial Protection | Investments | Personal and Corporate Pensions | Home Insurance General Insurance | Valuations | Conveyancing | Wills | Home finders
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 necessarily 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.
YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY DEBT SECURED ON IT.
John Charcol is a trading name of John Charcol Limited and its Appointed Representatives. John Charcol Limited is authorised and regulated by the Financial Conduct Authority. The Financial Services Register number is 665649. Registered in England No. 9157892. Registered office address for John Charcol Limited is 5th Floor, Cutlers Exchange, 123 Houndsditch, London, EC3A 7BU. The FCA does not regulate some investment mortgage contracts. Calls may be recorded for training and monitoring.