I currently have one residential mortgage but I would like to purchase another property to renovate and sell for a quick profit.
Last year I decided to do some travelling and I am currently working a ski season in Europe. I rented out my house before I went travelling so the repayments are taking care of themselves (and I plan on leaving it that way).
I will be returning to the UK in April and would like to invest in another property, but to buy and sell rather than rent out. I am a general builder by trade so (other than gas and electric) I can do most of the work myself.
I have around £10,000 cash to spend on a deposit for purchasing the property and then plan to lend/credit card for materials to renovate ( I possibly have a partner willing to also invest £10,000 but nothing confirmed yet) so will be looking to purchase in a cheap area such as Wales or Northern England and maybe a flat, but preferably a small house.
So I was wondering what mortgages are available for purchasing a property to renovate, How much deposit % you need and if I can purchase at auction with a mortgage?
Thank you so much for any advice!
Guy