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getting mortgage for property requires rennovation
firsttimebuyer_2013
Posts: 1 Newbie
Hello every one ,
I am a first time buyer and I have 10% deposit for a property woth 125K but this property requires additional 50-60K worth rennovation. I am not sure if the banks would lend me 150K. Could any one advice me if they had any experience in a similar situation.
thanks in advance
Raj
I am a first time buyer and I have 10% deposit for a property woth 125K but this property requires additional 50-60K worth rennovation. I am not sure if the banks would lend me 150K. Could any one advice me if they had any experience in a similar situation.
thanks in advance
Raj
0
Comments
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Not going to happen - lend will lend x%(less than 100%) of current condition value or purchase price, whichever is lowerHi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0
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For a renovation project you will need much more than 10% deposit raj.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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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