Auction property that appears to be un-mortgageableMake Text Bigger
I intend to purchase a property with cash at an auction next week. What I would like to do is get a Buy to Let mortgage immediately afterwards to release capital. I would then renovate and would probably sell on, although renting it out could be an option.
My mortgage broker has informed me of the following problems.
My main problem is that the guide price is £30k and that no lender would lend on something that cheap.
Secondly, that no lender will lend on a BTL basis on a renovation project
Thirdly, even if I renovate it no lender will mortgage it until I’ve owned it for more than 6 months,
Is this all correct?
Does anyone have any suggestions for getting round this?
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