buying first home need help

andreas395

the exchange is happening next week so should be moving in soon and i was wondering can i take a loan and put it on the mortgage as the house needs some work the house needs rewiring as was told when suveyed and loads of other things just have not got about 8 grand sitting around can i put it on the mortgage or do i need to take a second loan help please

Hippychick

I doubt you'd be able to put it on the mortgage as it will affect your LTV, you will also need a new mortgage offer. If you took out a loan then you will be resorting to further borrowing and your mortgage lender may have issues with that if your mortgage has been granted on the basis of affordability.

Can you afford the loan repayments? how urgent is the work? if you can move in and it doesn't have to be done straight away surely your best bet would be to save the money and then do the work?

Why don't you try re negotiating with the vendor first to see if they will knock some money off? I would seriously consider your options before you commit to an exchange. I would certainly try and consider all options of getting the work done WITHOUT getting into debt.

_Andy_

You wouldn't 'put it on the mortgage', you'd just hold some of the deposit. back. Assuming that is still possible with the deposit needed.
There is also the question of why you think it's a good idea to be exchanging on a property where you can't afford the work thats needed on it.

opinions4u

andreas395 wrote: »

the exchange is happening next week so should be moving in soon and i was wondering can i take a loan and put it on the mortgage as the house needs some work

You can ask the lender, but if it takes you over their maximum loan to value (usually 85% or 90%) then the answer will be no. If you take out a personal loan to pay for the work you need to advise your lender prior to exchange of contracts. This could lead to them withdrawing or amending their mortgage offer.

You could try to raise the money after you've taken ownership of the property, but what happens if nobody will lend you the money? How are you going to get the work done then?

Is there anything in the mortgage offer that requires the rewire to be done? Sometimes a lender will hold back a retention to fund this. Talk to the person who sold you the mortgage to clarify what options, if any, there are.

the house needs rewiring as was told when suveyed and loads of other things

This is an opportunity to ask the vendor to do the work or renegotiate the price down. Why do you want to buy a house that has these defects?

just have not got about 8 grand sitting around can i put it on the mortgage or do i need to take a second loan help please

Or do you need to buy another house instead? Think this through carefully before you exchange contracts. If you exchange contracts you are committed to buying a property you can't afford to maintain. Is that a good idea?