first time buyer

adster

Hi every1 im new to the forum so sorry if this has been ask a million times
a family relative is selling her house, it needs alot of work but she has accepted a really low price from me for it.
i have the money for a 10% deposit the house is £63000 but needs £10000 spent on it.could i get a morgage for 75000 and use the rest on the house. my annual income is 40k.
which would be the best morgage for me i have no clue about morgages or rates
any advice would be very much appreciated
thanks adam

beecher2

No you can't get a mortgage for more than you pay for it. If you buy it for £63,000 the highest mortgage you'd get would be £56700. With such a small deposit you'll pay a relatively high rate - could you up the deposit some? Go and see an adviser for help on which deal to apply for.

brit1234

adster wrote: »

could i get a morgage for 75000 and use the rest on the house.

125% mortgages are thankfully gone. Sorry but you are going to have to save like the rest of us ftb.

On an added bonus prices are starting to fall again so the longer you save the cheaper the property will be.
:beer: