Can this be done?

Guest101

acs wrote: »

Redecoration and carpets throughout
new boiler
electrical rewire
new kitchen
two new bathrooms


...and its a 4 bed detached, so its not exactly a small house.

Honestly I don't think that alone will add 50k, conservatory maybe, front drive too potentially

acs_2

Guest101 wrote: »

Honestly I don't think that alone will add 50k, conservatory maybe, front drive too potentially

The professionals think it will. Anyway, as I say, the risk element is something I've to weight up....first, I need to figure out if I can finance it.

getmore4less

acs wrote: »

We could, however that would possibly leave us with a bigger mortgage repayment every month.

This is a fine balancing act and Im really not sure which is the best way to go about things in the long run.

Duh.

You will have a bigger(same) mortgage whichever way you do it.

mrginge

acs wrote: »

The professionals think it will. Anyway, as I say, the risk element is something I've to weight up....first, I need to figure out if I can finance it.

Why has no-one else snapped up this bargain?

In fact, why aren't the current owners spending the 25k to make 50-80k clear profit?

Perhaps you could ask these 'professionals' to lend you the money, since its such a gold mine.

Guest101

acs wrote: »

The professionals think it will. Anyway, as I say, the risk element is something I've to weight up....first, I need to figure out if I can finance it.

Just to check, professionals, as in surveyors or estate agents?

ethank

You would be asking the lender to take the risk so you can make some money. Which they are not going to do.

If you really believe in this, put your own money into it upfront, and remortgage it after the work is complete.

ging84

i don't know if you could ever do this
110% mortgage were what people used to talk about
this would be over 115%

harrys_dad

You need to contact Adam Applegarth, Chief Executive of Northern Rock, and ask for a "125% together" mortgage. Oh no, they gave out so many of those they went bust.

lincroft1710

acs wrote: »

No, a purchase price isn't necessarily what the property is valued at! and we have a deposit. My question was simply about being able to over finance on a property that we may be able to buy at significantly less than market value when it has been restored to good order.

It is rare for a mortgage surveyor to value a property in excess of its purchase price unless it is in a fast appreciating area. You said nothing about a deposit in your original post, just simply £175K mortgage less £150K purchase gives £25K for upgrading.

The answer to the original question is still no.

molerat

acs wrote: »

Of course, its a risk, and it might not be...but thats a different set of choices for me to ponder.

And you expect a lender to gamble on that risk ?