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new mortgage including inc. development costs?
Bearmoney
Posts: 2 Newbie
Hey,
I'm looking for advice. We are considering buying a new home but the building needs an extension, new kitchen and new windows to make it habitable. Is is possible to get a new mortgage that will cover these costs as clearly the house value will be lower on purchase than it will be worth when the work is done.
Any advice would be very welcome
I'm looking for advice. We are considering buying a new home but the building needs an extension, new kitchen and new windows to make it habitable. Is is possible to get a new mortgage that will cover these costs as clearly the house value will be lower on purchase than it will be worth when the work is done.
Any advice would be very welcome
0
Comments
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You can't borrow more than the value of a property.....also depending on the condition of the property the lender could put a retention (release a lower %) until work is complete...Much is involved here you'd be better placed discussing this with a whole of market adviser who can explore options........0
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