Mortgage Higher than selling price?

emmaur1

Yeah I definately fully intend to discuss all my options with Nationwide before going ahead with the purchase.

I am in a position where I dont need to move into the property until it is all finished, so could do it up with my own money rather than borrowing more.

property.advert

Very simply, it would seem to be the same as a new build where some of the build has already been completed. However, in this climate I do not think it would be looked upon very favourably. Lenders even seem to frown on re-mortgaging for additional fund raising.

I suspect a loan would be the only way but you would have two credit checks on your file in quick succession. Potentially not stating your loan on the mortgage form would be mortgage fraud and if the loan was put in place too long before the mortgage, then they would see it. I suppose that technically, if the loan company checked you at 2pm and the mortgage checked you at 3pm, then your credit file would only show the credit check and not the loan on the account. We are always told that new lenders do not see the outcome of the previous credit check though they would see the loan if it was posted to the credit file.