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Found 2 results

  1. Hello all, looking for some advice on best / most financially viable ways to approach this issue: My parents own a second property on a Scottish Island which is in need of a complete renovation, at the end of which they should have a 1 bed cottage which would be let out, either as a holiday or long term let (it is currently a stone shell which we have temporarily roofed to prevent further deterioration). We have run electricity and water to the site so far and have begun works on the drainage and footings for extensions etc. My father (Joiner) and myself were doing most of the work ourselves but a combination of factors, inc Covid has significantly slowed our progress. My dad is no longer as fit as he was so we will now need to bring some trades into do some of the work. Add to this, the logistical difficulty of the property being on an island and the increase in material costs, they are concerned that they may exhaust the budget they have available before completing the project. So I am now investigating options for financing. The property has not been formally valued and given it’s fairly unique location, putting an estimated value on the finished project is hard but I think it would be in the region of £130,000 and I think they would be looking to borrow in the region of £50,000 ish. Does anyone here have experience of a similar renovation? Any advice on ‘renovation mortgages’ or any other mortgage products that I may not be aware of that I should be exploring? Any advice at all on how you might approach this would be very welcome. Thanks!
  2. 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
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