Renovation mortgage specialists
Discussion
Anyone on here deal in this arena?
Reason I'm asking is I have a planning application that is pretty much going to be granted for change of use on a commercial building for change of use to residential. Now the IFA that the family have used for donkeys years is struggling as I'm not sure he can grasp what I am after. I even had to point him towards buildstore to give him an idea. I was informed that they would loan upto 90% ltv which is why I went ahead and put the planning application and the offer on the property etc in. Now he comes back with it's 75% which blows the project out of the water as I can't raise the extra 16k in a timely enough fashion.
Offer on property is in at £115,000
I have approx 12 to 14k available in bank now with whatever I can squirrel away from wages to top it up.
I earn between 38-41k pa and monthly outgoings bar rent and food is only approx £250.
Property needs some light renovation to bring it upto habitable standard (Part of the property used to be a house now convereted to a shop with extensions on the side etc)
The renovation itself will be self funded from my wages I just need to finance the purchase itself.
Time is the defeating factor here as I don't know how long the vendor will hang around once this bombshell is dropped and this is pretty much the property I want to spend the rest of my days in.
Reason I'm asking is I have a planning application that is pretty much going to be granted for change of use on a commercial building for change of use to residential. Now the IFA that the family have used for donkeys years is struggling as I'm not sure he can grasp what I am after. I even had to point him towards buildstore to give him an idea. I was informed that they would loan upto 90% ltv which is why I went ahead and put the planning application and the offer on the property etc in. Now he comes back with it's 75% which blows the project out of the water as I can't raise the extra 16k in a timely enough fashion.
Offer on property is in at £115,000
I have approx 12 to 14k available in bank now with whatever I can squirrel away from wages to top it up.
I earn between 38-41k pa and monthly outgoings bar rent and food is only approx £250.
Property needs some light renovation to bring it upto habitable standard (Part of the property used to be a house now convereted to a shop with extensions on the side etc)
The renovation itself will be self funded from my wages I just need to finance the purchase itself.
Time is the defeating factor here as I don't know how long the vendor will hang around once this bombshell is dropped and this is pretty much the property I want to spend the rest of my days in.
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