10:51 AM, 20th January 2014, About 9 years ago 15
I’m currently looking at a bungalow marketed by an estate agent which is a repossession. I expect it to sell for 75k, but it will require approx 5k in refurb costs and I estimate the value on completion of the refurb to be 105k with monthly rent in area of £500 pcm. I would also like to keep the property on completion to add to my portfolio.
I assume that standard Buy to Let mortgages may be difficult to obtain given its current condition (requires kitchen , bathroom , windows replacing and decorating ) so options would be a light refurb buy to Let mortgage or Bridging finance and remortgaging after.
I’ve looked at some refurb mortgages but the min criteria for property values seem to be 100k so that market seems limited and I’ve assumed if I go down the Bridging route I will need to keep Bridge for approx 6 months before remortgaging to take into account hopefully increased property value.
I’m also mindful that if I was to purchase this transaction would need to go through quickly otherwise I would loose it. Any ideas on Mortgage or Bridging options would be greatly appreciated .
The other two buy to Let properties I own are mortgaged and I have excellent credit rating and I’m in salaried occupation with good salary .
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