Funding extension on mortgage?

newhomebuyer1

My wife and I would like to buy a property that we have seen. We are renting at the moment following relocation, but have had mortgages seperately before. Therefore I have been told that we are not "first time buyers".

We want to buy the property and extend it immediately. Would lenders lend the extra needed to fund the extension on the initial mortgage? If not, any advice anyone?

The property is being marketed at 175K, but I would think achievable for 170K. We would be looking to spend around 25K on the work. We have a 20K deposit and both earn around 35K.

Thanks in advance

Markyt

The lender may agree to lend the additional amount based on the 'improved value' of the property. You'd need this confirmed beforehand, and be ready for the funds to be retained until the work is completed or the surveyor is otherwise happy to release them.