Mortgage on a renovation property

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AndyM
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Mortgage on a renovation property

Postby AndyM » Mon Sep 03, 2007 10:14 am

Hi all

Does anyone have any experience of raising a mortgage on a property that needs extensive renovation?

Most websites offer 70-80% of the valuation but I wondered if the property requiring renovation lowered this figure?

Thanks

Andy
Work hard, exercise hard, play REALLY hard!

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Retro P
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Postby Retro P » Mon Sep 03, 2007 12:57 pm

Unless you can offer substantial security, you will find it extrememly difficult to get a mortgage on this type of property, even from the cowboys, I've often said, and will again, if you can't buy it outright and provide at least 50% of the renovation costs then don't buy it, it will end in tears, my comments may sound doom laden but I am a professional builder and own several properties in Spain so I do know the market!
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