first time buyer/renovator

d&s_2

Hi,

My girlfriend and I are first time buyers looking to buy a property that requires complete renovation. We have seen an ideal property on the market for o/o £110000 and I estimate it would need at least £15000 of work to bring it up to standard.

We have been told we could borrow that much but it seems that most lenders will only lend to the value of the house and we don't have the money to pay ourselves for the renovations.

Are there mortgages on the market that would lend more than the value of the house to cover the cost of work or is it possible to take an additional loan on top of the mortgage to cover the work.

As first time buyers money is a bit tight, we're confident we could afford the repayments up to about £130000 and we have friends/family in the trade that can help with the work but we just don't know if we could raise enough cash!

Any help would be really appreciated!

hollyblue

Apparently the following lenders offer mortgages over nd above the house price to incorporate some money for renovations:-

The Ecology Building Society, Buildstore, The Co-operative Bank and the Norwich and Peterborough Building Society

There may be more, I got this info from the bbc website:-

http://www.bbc.co.uk/homes/property/buying_rescueahouse2.shtml#mortgages_

epz_2

ive seen plenty of places offering 125% morgages, you pay over the odds but it is possible.

on another note up here in scotland all the places that get advertised as needing work get developers swarming over them and usualy go for over the odds, many times the money they go for plus a conservative guess at renvation costs is more than a similar good condition house would go for so do your sums.