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Is this possible?
shamac
Posts: 415 Forumite
We have an AIP sorted by our broker for £280k (will lend up to). Have seen a house on for £270k, others have sold for similar on the street. The EE has said today that the man needs to leave quickly and will take £250k for it, we are not in a chain so are great for him. It is a lovely house but rather old fashioned, we would want to put in a new kitchen and bathrooms x 2 and other bits possibly spending 20k. If the house valuation comes back at 270k can we still lend that amount, pay £250k for the house and use the rest for the works?
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Comments
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How much deposit do you have?0
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We have 30k0
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The answer is no. You cant borrow against the value if the purchase price is lower. Lending would be based on the LOWER of the purchase price or valuation.
Exceptions include Right to Buy and inter family sales.I am a Mortgage AdviserYou 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.0
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