poss to add cost of improvements onto mortgage?

Happytosave

Not sure if this is obvious or not. We want to buy a property for £225k but need another £15k for work that needs doing on it.
We have about 50% equity -£110k. Can we therefore get upfront a mortgage for the extra £15k, i.e. for £115+15k= £130k?
Do lenders essentially lend on the house only or are able to lend a bit more for our improvements?
Thank you

TrickyDicky101

Assuming you meet affordability criteria of your chosen lender, then you would simply reserve the £15k from your deposit (so your deposit would be £95k not £110k) and then fund the improvements from this.

I don't believe there is a great deal of difference in available mortgage deals between the 50% deposit and c.42% one you would put down if adopting the above strategy.

WellKnownSid

Happytosave wrote: »

We want to buy a property for £225k but need another £15k for work that needs doing on it.

One possible thing to factor is that the house isn't valued with a large retention due to the 'work that needs doing' e.g. they'll withhold a further £15+k until it is.