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Extra borrowing on first time buyer mortgage....
lunar_angelic
Posts: 135 Forumite
Hi,
Trawled through the internet but finding it hard to come up with an answer in relation to my situ.
In the process of looking to buy my late great-grandmother's house. I'm a first time buyer. Unfortunately the house needs a bit of work done, mainly cosmetic etc. I've estimated around 5-10k.
As i will be buying the house from my Grandma, is there anyway of borrowing slightly more than the house is worth from the mortgage lender and then my Grandma and myself using this money once the sale is complete to help me do it up? I'm not really sure of the legalities and obviously don't want to get myself in any financial trouble!
Any advice appreciated
Trawled through the internet but finding it hard to come up with an answer in relation to my situ.
In the process of looking to buy my late great-grandmother's house. I'm a first time buyer. Unfortunately the house needs a bit of work done, mainly cosmetic etc. I've estimated around 5-10k.
As i will be buying the house from my Grandma, is there anyway of borrowing slightly more than the house is worth from the mortgage lender and then my Grandma and myself using this money once the sale is complete to help me do it up? I'm not really sure of the legalities and obviously don't want to get myself in any financial trouble!
Any advice appreciated
0
Comments
-
No, you cannot borrow more than the actual value of the house.
However, what is the actual value of the house, and what are you buying it for from your grandma?0
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