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Interest only development mortgage, is there such a thing? Interest only development mortgage, is there such a thing?

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Old 15-09-2011, 07:18 PM
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Default Interest only development mortgage, is there such a thing?
Hi, i wonder if anybody can help me please? We took out an interest only buy to let mortgage last year to buy and renovate then let out the property. We did this with the full intention of letting the property out long term. However after we totally renovated it we changed our minds and sold it for a tidy profit. We now intend to buy and renovate and sell next time, instead of thinking of letting. Is there such a thing as a interest only development mortgage rather than getting a buy to let? Your answers are much appreciated. Thanks Meurig.
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Old 16-09-2011, 08:59 AM
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Default Re: Interest only development mortgage, is there such a thing?
There absolutely is, you will pay a premium for development finance compared to a buy to let mortgage but you can arrange for the lender to fund part of the development costs.
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