Help needed regarding remortgaging!

Matthew_Lewis

Hi everyone,
I hope this makes some sense and that someone can help!
Anyway... I am looking at a property that needs some work, our offer was declined and the lowest they will look at is 110,000 which is still good for the property, however due to my partner starting up her own business her wage cannot be taken into account, based on mine alone I can borrow £110,000. So here's my problem, originally we were hoping to get it a little cheaper do the basic work it needs etc then remortgage for further home improvements as its likely to be valued higher once the work is done. But if we bought the house for £110,000 and remortgaged later on would we be able to borrow more?! Or is the maximum I can borrow the £110,000?!
I hope this isn't too confusing haha it's the best way I can explain our situation! We need the extra money to fit a new kitchen, bathroom etc as the current ones are ok but pretty horrible!
Thanks in advance!

ACG

Have you looked at other lenders? They may be willing to lend you more.

Who are you looking at borrowing with?
Do you have any other debts?
How much is your income?

If you can borrow £110k and the house is up for £110k where is your deposit coming from?

kingstreet

If your maximum mortgage is £110k, that's the maximum for a purchase or for a remortgage, so I don't see any prospect of being able to remortgage in the immediate future.

Increasing the value isn't going to increase your income.

Is it mortgageable? As ACG asked, where's the deposit coming from? You do realise you won't be able to borrow to improve it if you're only putting down the minimum deposit, 10%?

Matthew_Lewis

Thanks for your replies, it's as I thought then.
Ah right yes deposit is low just £5000 we went to a mortgage advisor and she found us a mortgage for £110,000 with that amount of a deposit.
My wages alone are £27,500 but is £30,000 or more with overtime, however they don't usually take that into account.
Paying a mortage between myself and partner is not a problem at all, it's having a decent deposit
We do have a personal loan that we have for our car, also 2 credit cards but they are clear, so not in any debt aside from the car loan.
Looks like its best if we leave this house then!
Thanks for the help!