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Mortgage (House value + extra for improvements)?
smcqis
Posts: 862 Forumite
It is my understanding banks no longer lend against the value of a site, in other words i would need to be able to have the cash in my account to buy a site.
My question is if a house is say £120k but would require 80k of improvements would the bank still give me £200k if i had a deposit of 25%. My query is that if the bank was to value the house at 120k, would they give above this or do they see this as a "no go" as if i couldnt afford payments they couldnt recoup the full cost of the house being sold
Thnaks in advance
My question is if a house is say £120k but would require 80k of improvements would the bank still give me £200k if i had a deposit of 25%. My query is that if the bank was to value the house at 120k, would they give above this or do they see this as a "no go" as if i couldnt afford payments they couldnt recoup the full cost of the house being sold
Thnaks in advance
0
Comments
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Lending is based on current market valuation....not what it could be in the future if improvements were carried out...0
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