How to raise money for a home/retreat

[CynicalSurvival]

So, a mate of mine (no, it really is a mate of mine, lol!) wants to buy a house that would be a great site for prepping - land, defensive, low popn etc - but can't afford it. He has a really good salary (he's a GP) but even so, this is a very luxurious spot. He is single and can move quite easily. Has anyone got any suggestions how he could raise the money? It's over 500k. Any sneaky finance tricks?... I suggested a business loan to run it as a B&B but dunno if that is realistic.

[preparedsurrey]

Surely as a GP he should be able to get a mortgage for that amount? Does he do private work as well could he tie it in with that in some way for tax minimisation purposes? Other than that if he can't afford it there's nothing you can really do unless he can loan a substantial deposit from a friend?

[CynicalSurvival]

Yeah, well apparently not, plus the mortgage payments. .. Yeah borrowing off 3-4 friends/family in exchange for use as a free holiday venue could be an option! He's a fairly junior doc but maybe he needs to sit down with a good financial adviser.

[preparedsurrey]

I think a decent financial advisor is probably the way forwards, most of the people I know in the building trade had had to use one to get mortgages as the banks aren't interested. it does make me feel better about my inability to get a smaller mortgage though when a GP can't get one either

[Deeps]

Probably not what you want to hear but mortgages are a lot trickier now, its not just how much you earn. A friend of my missus was putting down a stupidly huge deposit (like 75%) and she still had to jump through hoops and they changed the goal posts at the last minute (she got the property). I've not changed mortgages in a good few years although I used to regularly change them as soon as they were up but with the interest rates so low I'm out of the loop.

Because the banks got the blame for lending to people who couldn't repay their mortgages (probably faults with both sides) they've now got to be extra careful about who they lend to, they've got to be seen as squeaky clean. Another friend has been told he can only get a 40K mortgage on his 18.5K wages, none of this 3 or 3 1/2 times your wage thing any more. Its the age old problem of I have X amount to spend, I've just seen this fantastic property for X+5k that's just out of my reach. Human nature's a burger.

[Briggs 2.0]

You (sorry) he can buy my house. £340k or £330k cash, runs off grid with generator, 3500 litres of potable water, very rural, woodland by negotiation and I'll even leave the gun cabinets. Discount available for free meds.

[xplosiv1]

Probably not what you want to hear but mortgages are a lot trickier now, its not just how much you earn. A friend of my missus was putting down a stupidly huge deposit (like 75%) and she still had to jump through hoops and they changed the goal posts at the last minute (she got the property). I've not changed mortgages in a good few years although I used to regularly change them as soon as they were up but with the interest rates so low I'm out of the loop.

Because the banks got the blame for lending to people who couldn't repay their mortgages (probably faults with both sides) they've now got to be extra careful about who they lend to, they've got to be seen as squeaky clean. Another friend has been told he can only get a 40K mortgage on his 18.5K wages, none of this 3 or 3 1/2 times your wage thing any more. Its the age old problem of I have X amount to spend, I've just seen this fantastic property for X+5k that's just out of my reach. Human nature's a burger.

That seems a little extreme, although it may have something to do with what part of the country your friend is buying in.

I have bought 2 houses in the past three years, I've put 25% down on both of them. both of the mortgages were in excess of 5 times my salary each coupled with the fact that my partner wasn't working as she's back in uni doing another degree and I was approved immediately pretty much.

I did have a really good mortgage adviser who sorted all the paperwork for me.

A friend of mine bought a flat last year using the same mortgage advise and like your friend he doesn't make a huge amount of money (he's a fireman) but he still managed to secure a £110K flat with only a £5K deposit.

[Deeps]

Probably not what you want to hear but mortgages are a lot trickier now, its not just how much you earn. A friend of my missus was putting down a stupidly huge deposit (like 75%) and she still had to jump through hoops and they changed the goal posts at the last minute (she got the property). I've not changed mortgages in a good few years although I used to regularly change them as soon as they were up but with the interest rates so low I'm out of the loop.

Because the banks got the blame for lending to people who couldn't repay their mortgages (probably faults with both sides) they've now got to be extra careful about who they lend to, they've got to be seen as squeaky clean. Another friend has been told he can only get a 40K mortgage on his 18.5K wages, none of this 3 or 3 1/2 times your wage thing any more. Its the age old problem of I have X amount to spend, I've just seen this fantastic property for X+5k that's just out of my reach. Human nature's a burger.

That seems a little extreme, although it may have something to do with what part of the country your friend is buying in.

I have bought 2 houses in the past three years, I've put 25% down on both of them. both of the mortgages were in excess of 5 times my salary each coupled with the fact that my partner wasn't working as she's back in uni doing another degree and I was approved immediately pretty much.

I did have a really good mortgage adviser who sorted all the paperwork for me.

A friend of mine bought a flat last year using the same mortgage advise and like your friend he doesn't make a huge amount of money (he's a fireman) but he still managed to secure a £110K flat with only a £5K deposit.

That's reassuring that there are good mortgages out there, Mrs Deeps mate probably just used her previous lender, she's quite stubborn in some respects and was desperate to keep her old (admittedly fantastic) mortgage no mater what. As for the young lad, I've since found out (from his Dad) that he only went to one lender too, the bank his wages go in to. I even sourced a couple of properties that he could have looked at too. Probably enjoying him mum's cooking too much.

I've been using the St. James group for a good while now but as I said with interest rates so low, I've not shifted mortgages for a long time. The low interest rates are suiting me but I get that that isn't the case for everyone.

[preparedsurrey]

You (sorry) he can buy my house. £340k or £330k cash, runs off grid with generator, 3500 litres of potable water, very rural, woodland by negotiation and I'll even leave the gun cabinets. Discount available for free meds.

Sounds exactly what I would like, just out of interest what county is it in?

[Briggs 2.0]

You (sorry) he can buy my house. £340k or £330k cash, runs off grid with generator, 3500 litres of potable water, very rural, woodland by negotiation and I'll even leave the gun cabinets. Discount available for free meds.

Sounds exactly what I would like, just out of interest what county is it in?

Devon countryside.