FTB mortgage query

tollytolly

Hi, apologies if this is covered elsewhere, I have had a look but haven't been able to find similar.
Basically my partner and I are looking to buy a house. The valuation is for £130K, but we have reason to believe we could get it for £90K. It needs a lot of work doing to it, some structural, some cosmetic and we estimate these costs to be in the region of £25/£26K.
My partner earns £34K and I have a £15K deposit to put towards any mortgage.
We don't have the £25K to do up the property, so how would we go about financing this?
We're talking about borrowing £115K in total, but would need £25K of that to be readily available to pay for the repairs. Is this something that is possible?
Any advice would be appreciated,
Thanks

Caz3121

The mortgage will be based on the Valuation or the purchase price, whichever is the lower.
If you were going for a 85% LTV mortgage and the valuation was £130k and purchase price £90k the mortgage would be given as 85% of £90k (£76.5k)

If you are buying for £90k you will not be able to take a mortgage of £115k

You may also find that if some of the work is major there may be a retention placed on the mortgage until the work is done