True Self Cert Mortgages
Case Study - Buying A Property To Renovate And Sell On For A Profit
Problem:
I want to buy my sisters house to renovate and sell on - But I already have a mortgage, I am self employed, I don't have savings as a deposit and I don't want penalties for early repayment when I sell the property?
Client Criteria:
Mr Smith had been self employed for 15 months, 8 months of which as a limited company. He already has a mortgage on a previous property which is occupied by his ex-wife and children.
An opportunity has arisen to buy a property from a family member which he would like to renovate and sell on. As he doesn't have spare savings for a deposit, his sister, the current property owner, will be providing the deposit which will be returned once the property has been renovated and sold.
The property is currently valued at £180,000 and he would like to raise £100,000 to complete the renovation work necessary to achieve a good return on the investment. As the client will want to sell the property on as soon the renovation is complete he wants a mortgage with no early repayment charges.
Self Cert Mortgage Centre Solution
After a whole of Market search our expert self cert advisers recommend the Bank of Scotland Personal Choice Mortgage.
Being experts in self certification mortgages we were able to present the best case for the client to the lender who were then able to meet the clients criteria with the additional benefit of providing a chequebook facility where Mr Smith could draw down as much or as little money whenever it was required to pay for the renovation work on the property. Interest would only be charged on the money as and when it was being used saving money on interest payments.
All our case solutions are real, documented solutions that we have provided to clients. Only the names have been changed to protect client identity.
