Finance for Property Refurb

[matc]

Hi all,

Sorry about another property development post but I have searched and read a few related posts but couldn't find out exactly what I wanted to know.

Anyway, I am very interested in doing some property refurbishments. I have seen a property for sale locally that needs complete refurb for approx £125k I have relatives in the trade who can help me with the refurb so I think I would only need to spend about £8k on materials etc and expect to make about £15k profit reasonably quickly. My question is how can I fund this sort of project, I have a mortgage at the moment and obviously both me and my partner work full time but I don't think we have enough disposable income to cover the cost of two mortgages.

Is what i'm looking at doing unfeasable? I could take some equity out of my current house to cover some of the costs but I'm unsure what is the best route for me to go down. I know some people give up work to do property development full time how do these people pay their mortgage payments/bils etc.?

I know I have rambled a bit, but just hoped someone on here may be able to help??

Thanks in advance,

Mat

[matc]

Thanks John,

Well we could afford it but it would mean a bit of a change of lifestyle, but if the rewards are there then it might be a good move. I am considering changing my mortgage to an interest only as it is due for renewal in a month so this would make things a lot easier in the short term.

This is something I really fancy doing just don't want to make any major financial mistakes when I start. We are in a pretty good position with our current property so I don't want to mess things up!!