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Mortgages Discussions on choosing a mortgages and mortgage options available.

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Old 06-04-2017, 09:38 PM
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Default Mortgage To Purchase & Renovate Property

Hi, I am looking for anyone who knows of any mortgage product that is available for buying and renovating an existing property. To make matters a little more difficult I am the owner of a limited company so as far as lenders are concerned I guess they see me as self employed and the business is doing well albeit it is only about 9 months old. On the positive we should have just over 30% cash deposit. Anyone know of any products out there which may be available to us (I have already tried a broker called 'Build Store' but they could not offer any opportunity
I would have thought with such a high deposit there must be a product out there. Any help would be much appreciated.
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Old 17-04-2017, 06:35 PM
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Default Re: Mortgage To Purchase & Renovate Property

Hi, there are mortgages and other financial products (e.g. bridging loans) for properties in need of renovation, but the right choice depends on the state of the property and what you're planning to do. However, while most lenders require 2-3 years of Ltd company accounts, even the lenient ones require at least 1yr finalised accounts. If you're a contractor on a daily rate, then some further options may be available to you. The size of the deposit might help you to get bridging finance and then remortgage once the works are completed and you have your 1st year accounts done.
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