Im looking for financial advice on how to get started. I currently own a bungalow with my wife which we`ve completely renovated ourselves. The equity in the property is around 240k, our mortgage is around 170k with the Coventry building society. Ive tried to get a "further advance" of around a 100k to purchase a property in order to renovate and flip and then repeat. We first sought advice from a whole of market mortgage adviser who told us, after supplying basic figures that the Cov would in principle provide the cash. We`ve been through the affordability checks with the Cov, no issues there however their now saying that this is not part of their lending criteria..!
Can anyone help with advice on how to release the capital we have in our house in order to get started..?
In a perfect world id like to borrow around 110k, purchase for around 90/100k use the outstanding 10k to renovate then sell for a profit then repeat paying chunks off the cash advance as and when.
Is this a feasible idea or am i going about it all wrong..? The mortgage adviser made it sound so simple..!!