Jump to content

Recommended Posts

Hello all,

I refuse to repeat the same opening sentences on all emails and introductions based on what is currently going on, however i do hope everyone is well of coarse!    
Me and my partner are young professional living in a rental apartment, we do not own a property or have a mortgage at the moment.
We will soon be looking at mortgages at a later date, i am looking to start becoming a property developer and one day start my own business to the point where i no longer need my current job.
I am researching the types of mortgages where by i can kick start this business and the best way to approach this.
My question is, can you obtain a mortgage for a property as our first purchase and a bridging loan at the same time or  the other shortly after say within a year or so? understood that bridging loans do not look into your personal income for assessing whether they can be approved or not. instead the value of the property is part of the valuation(to be purchased). Therefore is it possible to have a mortgage say 95% and a bridging loan with the mortgage for our home to own and a bridging loan used for a project to renovate and flip a house elsewhere?
Understand that we would need to be sure of the costs associated with interest from mortgage loan and bridging finance on a monthly basis, if this is affordable for us and the payments can be made easily is this something that can be done as a way to make a start on the property ladder for both ourselves and a project to start?
Apologies for any outlandish assumptions i have made (if they are) i am a novice when it comes to mortgages, i also understand that the best advise would be from a mortgage broker but this is solely for the purposes of planning for the future. Any advise would be most appreciated
Thanks in advance
Link to post

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
  • Create New...