ftb, newbie help!!!

mandy83

hi i'm new to this site so any advice is fully appreciated.
basically me and my sister have chance of buying a house from a family friend who is extremely in debt and now desperate to get rid (it was his late mums house). was originally on market for 65000 after getting no offers in a year and half it is now on for 32000.
my sisters lease on her rented accomodation is up and as i'm now living with my partner in his house we feel its too good of an opportunity to pass up and get on the property ladder. so we have scraped together 2000 as deposit and we have been approved with yorkshire banks 95ltv 6.99 3yr fixed which is £211 per month.
problem is the house really needs updating- central heating, new kitchen, basic redecoration- which we reckon will be roughly 7000. to cover this the mortgage advisor has said we would need to take out a personal loan on top of the mortgage. cheapest rate we have found is 7.2% paying £148 a month for 5 yrs.
we know that the monthly payments together are high for the purchase price but there is no chance of any more deposit and i really cant see us falling into negative equity at that low price. plus its not that were after a quick buck by doing it up and selling it on, it will be a family home for my sister.
were just after some reassurance and advice really

Lokolo

Are you planning on living in the house?

If not, can you not buy it, save up some money and then do the changes?

mandy83

yes the plan was to get it done up within 3 months of buying for my sister to move straight in

cm233lh

Can afford it? Do you need it? Getting it done up will cost more than doing it up yourself. If you're struggling to get £2000 together then £7000 on a personal loan sounds a lot. New kitchens are nice, but can be fitted yourself for a fraction, and can be done without if you're really tight for money. Central heating you might be able to do yourself, though you'll need a professional to do the boiler. Summer's coming, so this could be delayed for 6 months. Decorating doesn't have to cost much and you can definitely learn some skills and save some money there. Cheap paint now - re-visit in a few years when you're earning a bit more. It doesn't have to look like you've been on a "makeover" show unless you entertain clients at home.