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Terry12	posted on 27th Dec 11 at 13:46
	quote: Originally posted by Tom J if you have the money to possibly get a mortgage and run a house, which i would say you need £800-£1000 a month when you think of everything, then if you are saving this you could have £12k in a year I wish my house cost that to run per month:( I thought driving modified cars was costly:lol:
mattk	posted on 19th Dec 11 at 11:19
	what needs doing that will need 70k of work?
Ben G	posted on 19th Dec 11 at 11:03
	quote: Originally posted by baza31 dont know if anyones mentioned but banks wont give you a mortgage on auction sold property. Also most auctions want 10% on day of sale andremaining 90% within 14 days . To be buying from auction you need the money upfront that's not always the case, just on houses that need a lot of work.
mwg	posted on 19th Dec 11 at 10:57
	It sold for 92k... My Dad knows the house and said it needs 60-70k spending on it, it's in a right state.
baza31	posted on 18th Dec 11 at 23:45
	dont know if anyones mentioned but banks wont give you a mortgage on auction sold property. Also most auctions want 10% on day of sale andremaining 90% within 14 days . To be buying from auction you need the money upfront
Tom J	posted on 17th Dec 11 at 12:36
	if you have the money to possibly get a mortgage and run a house, which i would say you need £800-£1000 a month when you think of everything, then if you are saving this you could have £12k in a year
M2RTY	posted on 7th Dec 11 at 12:25
	If its inhabitable you wont get a standard morgage on it at all
mwg	posted on 7th Dec 11 at 11:43
	I'd have to save for 20 years to get a deposit big enough mate :lol: There are some affordable houses supposed to be getting built sometime soon but if its anything like the last lot they built they'll be all sold the moment they advertise them.
ste_p23	posted on 7th Dec 11 at 11:36
	quote: Originally posted by mwg Think I'm pretty much resigned to living with my parents for ever. The best advice i can give to you would to stay at home as long as you can and save up a large house deposit and move from there. I have quite alot of contacts in the property world and many any predicting that the market wont pick up for the next 5 years. So in that time you have the option of buying your house with a good deposit amount saved up and getting a good price as people are now desperate to sell houses. The other option is you could look at a buy to let investment as buy to let figures are currently rising at a very steady rate and use your saved deposit for a buy to let. I would certainly steer clear of buying houses in need of a full refurb to sell on as the market is at a low point and potental gains may be limited where as if a buy to let property was purchased and refurbed you could look at yeilds of approx 4-8% then re asses the situation when the market picks up. If you need any help with anything just U2U me :wave:
mwg	posted on 7th Dec 11 at 11:27
	Think I'm pretty much resigned to living with my parents for ever.
ste_p23	posted on 7th Dec 11 at 11:25
	quote: Originally posted by mwg Thats what I thought, if you can't even get a 100% mortgage how do you go about borrowing the money to do the work... You could look at the process of a bridging loan for a short period of time then re-mortgage against that value but its not an easy process of for the faint hearted :wave:
mattk	posted on 6th Dec 11 at 16:49
	Im in the middle of buying a house that needs a complete overhaul, Ive bought it just to do up as and when I can afford it, I have 4k saved up to keep me busy for a bit, after that though its gonna be as and when Ive got it. if the house is that good then it will be worth aquiring it while its cheap
jrsteeve	posted on 6th Dec 11 at 15:21
	It's a tricky one as it won't be a residential mortgage or buy to let to start off with. There used to be mortgages for this type of purchase, not sure if they'l still lend though.
mwg	posted on 6th Dec 11 at 14:38
	Thats what I thought, if you can't even get a 100% mortgage how do you go about borrowing the money to do the work...
Rob_Quads	posted on 6th Dec 11 at 14:32
	In the current money world we live in your are VERY VERY unlikely to get a mortage >100% LTV (which is what you are asking for) If its a low value house you would be better off trying to get a short term loan etc which you could then pay back once you have finished the work and then remortage the equity in the house.
AK	posted on 6th Dec 11 at 13:47
	speak to a mortgage advisor/bank.... they are the only ones who can help. How much deposit do you have? Get a survey done.
mwg	posted on 6th Dec 11 at 13:28
	Yeah I get that. I'm more wanting to know what the crack is with buying a house that needs work like that doing in terms of borrowing the money to do it up as well as buy it in the first place.
James	posted on 6th Dec 11 at 12:45
	Stuff at auction tends to go for what it's worth. If 40k is a genuine bargain then it will probably go for a lot more than that. There will probably be interest from investors who will know exactly what it's worth.
AndyKent	posted on 6th Dec 11 at 12:40
	Not clicked the link, but if its 110k below market, it likely needs major works beyond most peoples skills/ability. Cheap for a reason.
mwg	posted on 6th Dec 11 at 10:57
	Can you get mortgages that lend you enough to buy the house then extra to be able to do it up? I have totally missed the boat on this house I've seen considering I didn't spot it till now, its up for auction in just under a week and I haven't been to a bank to see whats what or know the full extent of the condition so it ain't going to happen. http://www.rturner.co.uk/2-mountain-view.pdf Guide price 40k which is about 110k below anything similar that doesn't need a total refurb but it could obviously sell for more than 40k plus need another 40k spending on it easily if its really bad which is what I am expecting to be the case going off the fact it says "in need of complete modernisation and refurbishment." Anyway I know I'm too late now to sort anything out but got me thinking about whether you can get a mortgage that would enable me to buy something like that and do it up if another ever happens to come up in the future?