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Old 27-09-2016, 03:44 PM
Junior Member
Join Date: Sep 2016
Posts: 2
Unhappy Mortgage advice

I'm 21 and have been saving up to try my hand at the buy to sell market.... using a normal mortgage and accepting the usual ERC penalties.

I have saved 35k.

The plan was to buy a house requiring renovation at auction for around 150k or under.
15k deposit.
6k solicitors fees/stamp duty/surveys etc...
Leaving me 14k to spend on the house.

Now the problem. I contacted a large mortgage broker who basically said it was impossible.
She said it's unlikely I could buy at auction with a mortgage setup and its unlikely they would allow me to buy a house needing work.

After this convosation she wouldn't allow me to do any mortgage calculators due to chatting about my original plans... even when I told her I need to buy a house either way, even if I have to stay living in it.

Can I just get a mortgage with a low ERC and not tell them I plan to buy and sell? I have been offered 180k mortgages if I don't mention the short term lending part

I want to get into property but it seems unless you are a cash buyer no one will entertain the idea

Is bridging finance my only option, as this seems risky and expensive
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  #2 (permalink)  
Old 27-09-2016, 03:49 PM
Junior Member
Join Date: Sep 2016
Posts: 2
Default Re: Mortgage advice

Please note: I am not looking at houses requiring structural work, just cosmetics.

Additionally if it all did go wrong, it's not a problem if I end up staying in the property
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Old 03-10-2016, 03:58 PM
Senior Member
Join Date: Nov 2013
Location: Hong Kong
Posts: 154
Default Re: Mortgage advice

Dan if you are buying at auction you have 30 days to legally complete on the purchase so a mortgage wont suit. You really need bridging financing. If you need further help send me some details/
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