Borrowing more than property value

nwrmartin

Hi- I am in a bit of a quandry. My wife and I had an offer of £320k accepted on a house. We have a 100% mortgage in place.

We had some capital saved, but after we pay for stamp duty etc we wont have much left after that.Our full building survey came back with some bad news, particularly regarding the roof and exterior, where around £9k worth of work needs doing, and there is another couple of thousand £s needing sorted elsewhere.We amended our offer asking not for a reduction in price, but for a payment of our stamp duty, to free up our capital to carry out the work.

The vendor has refused, and has let it be known that the most they will consider is a limited disount on the asking price. We are still tempted, as we like the house.

So - my Q is, is there any way we can borrow further capital to effect the repairs?
We don't want a bank loan- the short repayment period would make repayments too high.
On a 100% mortgage so I guess we can't get a secured loan?
Our mortgage lender wont go above 100%, and so whilst a price reduction would be nice, it wont release any capital as the mortage will drop accordingly.We are looking into 100%+ mortgages, but that could be costly.We are a bit stuck, and are fast running out of time, so any help would be greatly appreciated.

Thanks

herbiesjp

Well there are several lenders that do 100%+ mortgages, but I guess you will need to look at the schemes (based on which one you are eligible for) and see whether teh figures do indeed work out for you

HTH