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Mortgage for work needed to be done to property
lizinsa
Posts: 7 Forumite
Hi,
Im trying to buy a house that needs some work doing, new kitchen, bathroom and some replastering (been rented for years so not been very loved). I've managed to get a quote from a builder but probably need £8-10k extra than I've got in money set aside. I've got a deposit of £30k and think they'll accept £190k, will I be able to get the extra money as part of my mortgage?
I'd ask the building society except they've now closed for the weekend
Any advice is greatly appreciated!
Im trying to buy a house that needs some work doing, new kitchen, bathroom and some replastering (been rented for years so not been very loved). I've managed to get a quote from a builder but probably need £8-10k extra than I've got in money set aside. I've got a deposit of £30k and think they'll accept £190k, will I be able to get the extra money as part of my mortgage?
I'd ask the building society except they've now closed for the weekend
Any advice is greatly appreciated!
0
Comments
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No, you won't get any more money on top of the mortgage value for works. Lenders have now stopped this sort of thing.
You need to fund the necessary works yourself, but be aware if a lender downvalues your house because of the work required, ie you offer £190k and lender's valuation comes back at £180k, then £180k is the max they will loan you and sometimes, when major/necessary work need doing, they hold money back as a rentention til you've had the work done, then they release the funds they have held on to to you.The bigger the bargain, the better I feel.
I should mention that there's only one of me, don't confuse me with others of the same name.0 -
Thanks for the quick and useful reply! It's what we feared, hopefully we'll find the funds and a lower survey value may help us get it a better amount!0
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If you have a deposit of £30K you could use £20K for the deposit and £10K for the repairs. The interest rate is likely to be higher though as your LTV will be higher0
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