Should I buy a fixer-upper?

Discover once and for all if you’re ready to take the plunge with Hayley Gilbert’s seven-part guide

Feature Hayley Gilbert

READ OUR EXPERT ADVICE TO DECIDE...

Set a budget

✔ Most of us will need a mortgage to fund the project, and there are two main types – fixed rate, where the interest stays the same for a number of years (usually between two and five) or a variable rate where it can change.

✔ A standard mortgage should be fairly straightforward, especially if you can live in the house while the work is being done. You could then take out a loan to pay for the building work and remortgage when the work is complete to pay off the loan.

✔ Another option is a specialist mortgage provider such as Buildstore (buildstore.co.uk), who offers Advance and Arrears Stage Payment mortgages that lend a percentage of the cost of the property with staged payments, which are made either at the start or end of each works. Also, Ecology Building Society (ecology.co.uk) has mortgages for eco new builds, renovations or refurbishments.

✔ Always remember to factor in at least 10% as a contingency for any unforeseen costs – they will happen!

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Your bank or building society will be able to help you decide which mortgage is best for you, and you can also read up at moneyadviceservice.org.uk

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