Further Advances

sarge7

Hi all,

I'm thinking of purchasing a house which needs work doing to it, the purchase price is £100k and I'm depositing 25%. When the work is completed it will be worth £130k.

My questions are has anyone done a further advance recently and how easy is it to further advance for the £130k amount and is there a minimum time limit since the purchase date to do this?

I think that makes sense!!:undecided

Thanks for any replies

Thrugelmir

Lenders will ask the purpose of the funds when remortgaging.

With the purpose in mind lenders may well direct you to alternative products.

Conrad

OP - you do not clarify which lender will make this further advance - do you mean your current mortgage provider increasing your current mortgage on your current home, or do you mean a new lender on this second property?

If it's the latter you will likely use a B2L mortgage to aquire it, so a FA is highly unlikely unless the ESTABLISHED (not new) tenenat will pay more rent and the surveyor agrees the rent is the market rate and iin any even they are just highly unlikely to do a FA on a B2L in the first couple of years.

Chinkle

What do you/will you need the further advance for?