First time buyer mortgage with a bit extra....help please!!

Peckles

Hi, could anyone help, we are first time buyers looking to purchase a house which needs some renovation work, i.e. New bathroom and kitchen.

Our deposit will cover a mortgage of the property but will not leave us enough to complete extra work.

Could anybody tell us if a mortgage lender would allow you to factor in costs of basic refurbishments of property into the mortgage itself?

So effectively we would be asking over the property value, but it would be used to upgrade the house.

I hope that makes sense!!!!!???

beecher2

No, those days are over - you'll need to do it the old fashioned away, ie put up with the bathroom and kitchen until you save up enough to refurbish them.

Annisele

Initially you'll need to fund the improvements yourself.

*If* the improvements increase the property value, you might be able to remortgage once you've completed them - but new bathrooms and kitchens rarely increase a house's value by more than they cost.

Building_Surveyor

If you can't afford to do up the house then the house might not be for you. If its liveable you would have to make do til you've saved up the money. Or get a loan once your in...The days where you could borrow more than the house value are long gone... That would be asking for trouble anyway, negative equity and all that...

jamesd

After your purchase has completed - not before! - get some 0% credit cards applied for before you move, so you can still use the address you've been at for a while. Use those to find the work.

moneyistooshorttomention

Is it a question of the bathroom and kitchen "needing" work or just that they aren't the ones you would choose?

(ie are they actually pretty much missing or totally falling apart or just not your taste/not fitted well enough/etc)

I would think its wisest to just put up with whatever is there anyway (unless it is literally falling apart or missing iyswim).

I am gutting my bathroom soon (second time buyer) but I have the money to do so. I don't have the money to do the kitchen yet (don't know when I will have it in fact:(), but am just going to put up with what is there already until I do have that money (though it could be years:(). The kitchen has been badly planned and badly fitted and isn't quite my taste and I will have a good bit more cupboard space and work surface space once I eventually have MY kitchen, but I'm not prepared to get into debt to have MY kitchen now (much as the present one is inconveniencing me).