Mortgage Question - Can I ask for a larger sum than the asking price?

Barthanes

Hey,

Quick question for yous, as you can see from the subject title.

Girlfriend and I have been able to get a MIP for around 90k, the properties we have been looking at have been around the 60-70 mark.

If we get a place for say 60k, would it be feasible to ask for 70k mortgage, the extra money going towards redecorating etc. This still well under the MIP sum.

We've a deposit of around 12k for a property.

From what I've heard, this is no longer allowed since the whole banking crash the past couple years?

Any advice welcome!

Thanks.

iamana1ias

Barthanes wrote: »

Hey,

Quick question for yous, as you can see from the subject title.

Girlfriend and I have been able to get a MIP for around 90k, the properties we have been looking at have been around the 60-70 mark.

If we get a place for say 60k, would it be feasible to ask for 70k mortgage, the extra money going towards redecorating etc. This still well under the MIP sum.

We've a deposit of around 12k for a property.

From what I've heard, this is no longer allowed since the whole banking crash the past couple years?

Any advice welcome!

Thanks.

You've no hope.

Barthanes

iamana1ias wrote: »

You've no hope.

Hah, ok.

Its all I wanted to hear!

Thanks for the reply.

hcb42

research Northern Rock and negative equity.... :eek:
for a deposit of £12K on a £60K home, then you are in a reasonable position deposit wise. (where on earth can you buy a property for £60K though!)

SilverSix

If you put a smaller deposit down and took a larger mortgage you'd free up some funds this way but your LTV will be much higher, almost 95/100% in this case so your rate would no doubt be higher too.

If the value of your property was more then you might have more room to negotiate. I only need £11k to bridge the gap between my capital and the purchase price of my house but I'm borrowing £35-40k by putting that much less of a deposit down.