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Is this a 110% mortgage?
FineLine
Posts: 17 Forumite
Hi Guys
I see a house selling for Offers around £90k, the ad states that its valued at £120k.
Could I get a Mortgage of 100k and keep 10k for home repairs?
I see a house selling for Offers around £90k, the ad states that its valued at £120k.
Could I get a Mortgage of 100k and keep 10k for home repairs?
0
Comments
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Ha! You'll be lucky.0
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Lenders will base the lending against the LOWER of the purchase price OR valuation.
If it is worth 120k and you buy for 90k then figures will be based on 90k. Doubt anything that sells for 90 is worth 120 anywayI am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Hi Guys
I see a house selling for Offers around £90k, the ad states that its valued at £120k.
Could I get a Mortgage of 100k and keep 10k for home repairs?
No you couldn't. But in any case ask yourself why someone would be asking £90k for something that's supposedly 'worth' £120k0
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