I am about to buy first house in UK, mainly for investment purposes (UK)
Property price: up to 280k £ Spare cash: 60k (deposit, fees, renovation costs)
(renovation costs will be much lowers, because I used to own renovation business, thus got workforce to do it at much better price + equipment + possibly materials at lower price) I would live in this house during renovation (I am aware that kitchen and bathroom needs to be in usable state to get a mortgage to live in)
Now my question is, if I take a mortgage, increase value of the property, by say 20k, and if I decide to sell it early, say after one year, what sort of negative consequences can I expect, fines from the bank? Is it financially price effective? Thank you.