Borrowing amount - please settle a debate !

S31

Please will you settle an arguement -

For example -

If the bank or building society are willing to lend £100k and you buy a property for £95k can you still borrow the £100k and use the difference for home improvements.

Thank you

getmore4less

So have they found a lender willing to lend £100k on a £95k house.
....pause.....
NO, thought so.

The £100k will come with some LTV criteria.

Boozer

Nobody can get a 100% mortgage at the moment, never mind a 105% or whatever it may be.

But please let us know if you do.

dunstonh

If the bank or building society are willing to lend £100k and you buy a property for £95k can you still borrow the £100k and use the difference for home improvements.

Or putting it another way, can you get a 106% mortgage?

no.

milliebear00001

S31 wrote: »

Please will you settle an arguement -

For example -

If the bank or building society are willing to lend £100k and you buy a property for £95k can you still borrow the £100k and use the difference for home improvements.

Thank you

Once upon a time - yes. Now - no.