-
You probably wont get a resi mortgage because of a combination of your work situation, the structural stuff and the lack of kitchen.
But with a 50% deposit you could look at development finance. Find a mortgage broker that knows such things.
-
.
-
As Hefty said, you won't get a standard mortgage on that. It needs to be livable in (including Kitchen and Bathroom) before they'll cough up. You used to be able to get staged release mortgages for development - not sure if they still offer them these days - where you got an initial release then more when the place becomes habitable. Never as cheap as a standard one though.
Dependent on how happy you are with debt, you could also get a bridging loan to get it bought / done up enough then pay that back when you mortgage. Need to factor in all those costs in your planning as it's not cheap - we did it when we bought a shell flat to convert.
You are reading a single comment by @Sam_w and its replies.
Click here to read the full conversation.
Hefty
NickCJ
villa-ru
@Sam_w
Does anyone have any experience on getting a mortgage on a property that needs serious structural work?
We have been offered the opportunity to buy my wife's old family farmhouse, which is in serious need of renovation, there is no kitchen or bathroom, the roof is asbestos sheets (we think), one of the external side walls is at a very jaunty angle and there are rooms that no one has gone in since the sixties...
We would love to buy it, as if we don't it will have to go to auction and probably get knocked down and replaced with soulless new builds. We have been offered it for £x, I have half of the money needed from savings and current equity, and I think the property will probably be worth £2x when renovated.
To add to the complexity I started my own company just over a year ago, so only have one SA302 (well will have in April anyway!)
Anyone done anything like this?!?
This is a google earth picture of the farm, obviously not London! but lots of outbuildings etc... couple big enough to be houses themselves! It's right next to a WW2 airstrip, so has all the access roads built by the MOD.
1 Attachment