We have recently been given the opportunity to buy a derelict cottage for approx £100000. It is in our dream location and has the potential to be our "forever" house. We have spoken to a planning consultant who has advised that we can reinstate its residential use without having to go through planning. What would be the best way to go about financing this? We would have to extend long term but I think we would have to get a bridging loan short term I think as I don't think we would be able to get a mortgage to start with as it is not habitable. Am I right in thinking this? We don't have much capital currently (approx £40 000) but based on current property prices in the area if the cottage was renovated it would be worth upwards of £400000 so it is a real find.
Sorry if this is a rambling post I just don't know where to start. Any help much appreciate please