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Borrowing more on first time mortgage
Billy_10
Posts: 4 Newbie
Hi there,
I'm in the process of obtaining a right-to-buy council flat. With the discount, the total cost of the flat is £44,000. Basically I need a mortgage and need to borrow more than what the flat is worth... for A) Home Improvements and
To pay off debts.
I am in a steady, reasonable paid job, good credit and would never miss a payment.
Ultimately I calculate that I need around £60,000. Does anyone know of any banks that offer mortgages with extra money? Any advice is much appreciated.
Cheers
I'm in the process of obtaining a right-to-buy council flat. With the discount, the total cost of the flat is £44,000. Basically I need a mortgage and need to borrow more than what the flat is worth... for A) Home Improvements and
To pay off debts.I am in a steady, reasonable paid job, good credit and would never miss a payment.
Ultimately I calculate that I need around £60,000. Does anyone know of any banks that offer mortgages with extra money? Any advice is much appreciated.
Cheers
0
Comments
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100%+ LTV mortgages don't exist."You were only supposed to blow the bl**dy doors off!!"0
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You may be able to borrow into the Council's pre-emption period/discount for some home improvements, but the purpose is restricted and will be closely supervised. Borrowing for debt repayment will not be permitted.
Contact the Council for information.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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