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We want to buy a property to renovate & sell, our current lender wont help. Are all lenders the same?

Posted on 24 September 2014 by Jenny


We want to buy a property to renovate & sell, our current lender wont help. Are all lenders the same?

My husband and I would like to buy another property to renovate and sell on, he is a joiner so will be carrying out a lot of the work and I will be project managing.  The problem is we were hoping to release some equity from our house to fund the project and I found out when I phoned Nationwide that they won't lend money if it's for another property. Is this the case with all mortgage lenders? I was thinking perhaps we could switch? Can you advise us as we really don't know where to turn now? Jenny.

Jenny,

The short answer is that 'no, not all lenders are like that'. There are a couple of options that we could look at from, remortgaging you away from Nationwide, to doing a second charge to raise funds, to arranging development finance on the one you're looking to buy.

A lot will depend on your overall financial situation, and also whether your husbands income would be affected by doing the work himself?

I think it would be worth exploring your options in a bit more detail, and you can do this by contacting one of our consultants on 0344 346 3672 and they'll be able to give you a better idea of what we can do to help you.

Regards,

Simon

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