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Bill der

Mortgage Offer Please

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I have found a property that i wish to purchace.

A brief description.

Three bedroom end terrace, shop below with possible A3 use ( May have expired )

Property has been empty for a few years now. Vandals have been in and smashed every window.

Total renovation is required.

My intention is to renovate and then sell on. Alternative would be to let out. I may even live there myself

The problems start when I want a mortgage.

The property can not be purchaced on a Buy To Let because of the commercial aspect.

The property can not be purchaced on an Improvement Mortgage for the same reason.

I need planning permission for change of use. This will take a minimum of 8 - 10 weeks

A major problem is the vendor wants a quick sale and can not wait till change of use comes through

Mortgage required

15% or less deposit

Residential - Improvement - Buy To Let preffered

Any replies Sensible or humerous are welcome

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I have found a property that i wish to purchace.

A brief description.

Three bedroom end terrace, shop below with possible A3 use ( May have expired )

Property has been empty for a few years now. Vandals have been in and smashed every window.

Total renovation is required.

My intention is to renovate and then sell on. Alternative would be to let out. I may even live there myself

The problems start when I want a mortgage.

The property can not be purchaced on a Buy To Let because of the commercial aspect.

The property can not be purchaced on an Improvement Mortgage for the same reason.

I need planning permission for change of use. This will take a minimum of 8 - 10 weeks

A major problem is the vendor wants a quick sale and can not wait till change of use comes through

Mortgage required

15% or less deposit

Residential - Improvement - Buy To Let preffered

Any replies Sensible or humerous are welcome

i think you should go out for a run and work off some of the xmas excess - its dulled your senses.

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Not when the property has the potential to be split into three units.

Upstairs already has three bedrooms and the downstairs could easily converted to a two bed flat.

Even better, there is a two storey outbuilding that has conversion potential.

It will be a two bed detached property by the time I am finished. ( Wishful thinking )

The icing on the cake is the price £ 40K

Yes Fourty Thousand

The property is not advertised anywhere on the internet. ( Big Mistake by the vendor )

I accidently found it whilst viewing the house next door.

The vendor is in need of a quick sale ( Due to the poor condition of the place )

There must be a Mortgage company out there that will give me the money!

When finished the profit would be

Downstairs 1 or 2 bed flat Sell for Min 35K

Upstairs 2 or 3 bed flat Sell for Min 35K

Outbuilding 1 or 2 bed detached Sell for Min 40K

Cost of converting 15K

Gross profit 55K

As you can see I have drasticly undervalued the sale prices and there is still a huge profit margin.

This will be my second step on the property ladder.

Unless someone else finds it first

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Am all banked out

Have all my money in recent investment which is due to be completed 5th Jan 2006

Even a small loan from my building society was refused.

They will lend me the money I require in three months when my credit rating goes back up. The property will belong to someone else by then. It is frustrating watching a real bargain slipping through my fingers.

Will put this one down as a lesson to be learned.

Thanks for all the advice though.

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  • 301 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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