FTB Mortgage + Improvement loan??

hannahb_3

I'm looking for some advice about mortgages. Myself and my fiance are currently looking for our first house, which we think we may have found! The problem is that the house needs a lot of work doing on it, eg rewiring, new plumbing, possible extension etc.

The house price reflects that this work needs doing but our question is related to how do we pay for the work? - obviously we can only get a mortgage to buy the house which will leave us with no money to fund the repairs. What options are there available to us?

Hope someone can advise us, thanks.

herbiesjp

There are some mortgage that will allow you to borrow more than the purchase price i.e. 100%+ mortgages

However I would suggest that these mortgages need careful consideration - just because you can get the mortgage agreed by a lender does not necessarily mean it is the best course of action for you.

You would need to look carefully at your finances and work out exactly what you can afford.

I would then suggest you need to discuss your situation with a whole of market mortgage adviser in order for them to find the best possible deal for you based on the purchase price and the deposit you have available (be it a 100% mortgage or less)

I would only consider doing the essential work i.e plumbing, rewiring and hold back maybe on the extension. However, as stated this would depnd on the whole scenario, and there are no figures to work with here.

HTH