Renovation and self employed.
Discussion
Hello all,
I'm after a bit of advice really... in short I am looking to sell my property which I have renovated from an empty shell, and buy a similar one (barn/mill etc...) and do the same again.
As a first time buyer in October '07, I struggled getting a mortgage, let alone a self build one, but managed to sort one in the end - thinking that my next move would be a doddle.
How wrong I was.... I am now self employed,have been for only 3 months and a mechanical design contractor - this seems to make matters a whole lot worse. I am currently with HSBC, and now my place is finished,it is a bog standard mortgage,taken out whilst I was staff.
In an ideal world, I would take my current mortgage with me to the new place, and find the renovation with the equity from my current place.
Can anyone suggest and way I may be able to do what I want - commercial/business loan etc. I don't mind paying, as long as it lets me do what I want to do. Any ideas welcome, one last ditch idea I have had is banging a toilet/kitchen in so it is 'habitable' and then getting a normal mortgage - but this would expose me to a risk that I'd own my dream house outright, but no one would lend me any money to do anything with it.
Literally, any ideas would be much appreciated, and sorry for the long post.
Tom
I'm after a bit of advice really... in short I am looking to sell my property which I have renovated from an empty shell, and buy a similar one (barn/mill etc...) and do the same again.
As a first time buyer in October '07, I struggled getting a mortgage, let alone a self build one, but managed to sort one in the end - thinking that my next move would be a doddle.
How wrong I was.... I am now self employed,have been for only 3 months and a mechanical design contractor - this seems to make matters a whole lot worse. I am currently with HSBC, and now my place is finished,it is a bog standard mortgage,taken out whilst I was staff.
In an ideal world, I would take my current mortgage with me to the new place, and find the renovation with the equity from my current place.
Can anyone suggest and way I may be able to do what I want - commercial/business loan etc. I don't mind paying, as long as it lets me do what I want to do. Any ideas welcome, one last ditch idea I have had is banging a toilet/kitchen in so it is 'habitable' and then getting a normal mortgage - but this would expose me to a risk that I'd own my dream house outright, but no one would lend me any money to do anything with it.
Literally, any ideas would be much appreciated, and sorry for the long post.
Tom
If you're going to buy a renovation project, it very much depends on how much work is required. Some lenders have 'light refurbishment deals' where it is general refurbishment, but it sound like it's a proper development project, which is still achieveable, but obviously at a higher rate. And it all comes down to how much equity you are able to offer.
Development finance is 'my bag', so let me have a contact number if you want to chat it through
Development finance is 'my bag', so let me have a contact number if you want to chat it through
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