Renovation/self build mortgages

[Hanoola]

Hi,

I have some equity invested in a buy-to-let investment in Suffolk and it's not making a great return for me. For years I've loved property, developing my own house, and have always wanted to get into rejuvenating unloved properties.

I have had a baby and haven't returned to work, and want my investment to work harder for me, so am considering reinvesting in a buy-to-let or renovation/refurb project closer to home in London.

My obvious mortgage problem is finance, as I've not returned to work. I have seen renovation/self build mortgages advertised online but not sure what to make of them... Some even offer investment in return for a share of the profits.

What do you guys think??

[brian]

It sounds like you really need an income to help - cashing in on the existing equity would help, but if you're having to take out a mortgage to redevelop property, it is going to help to have some income to back it up.

Be careful of shared profits schemes, as these will inevitably be weighted against your interests.