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Mortgage for renovations?
batina
Posts: 3 Newbie
Me and my partner have found a house which we would like to buy (first time buyers, mortgage approved in principle), BUT
the house is in need of complete renovation (incl. new floors, walls replastered, plumbing &electricity renovated etc. etc.). After taking a builder to our second viewing he estimated the total cost of these renovations to be around £35k.
Can we add this amount to the loan for the purchase itself so that our morgage covers both (the purchase price AND the cost of renovations)? If so, how does that work? Would we need to keep all receipts of expenditure, would we be able to freely withdraw the money etc.?
Many thanks for any reply that might shed some light on this issue!
the house is in need of complete renovation (incl. new floors, walls replastered, plumbing &electricity renovated etc. etc.). After taking a builder to our second viewing he estimated the total cost of these renovations to be around £35k.
Can we add this amount to the loan for the purchase itself so that our morgage covers both (the purchase price AND the cost of renovations)? If so, how does that work? Would we need to keep all receipts of expenditure, would we be able to freely withdraw the money etc.?
Many thanks for any reply that might shed some light on this issue!
0
Comments
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Given the circumstances highly unlikely you'll obtain the mortgage you require. The lender would expect you to fund any necessary maintenance work yourself and most likely place a retention on the mortgage.0
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