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Can I borrow extra?
Mr_Haydon
Posts: 1 Newbie
I have spotted a decent house with plenty of land for £139000, but I would want to extend this property by building at the side to accommodate my family. Basically it will go from a 3 bed to a 5 bed. My question is would the bank borrow me extra money to fund this project? I know they would need to get a valuation and need to see the plans but would the give me £200k if the current home is worth £139k... Help!
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I doubt it - becuase if it all went wrong - and you stopped paying the bank - ther 'asssets' would only be worth 139 (or less if you've bashed it abotu alot and havent' finished).. banks only secure mortgages on the value of the property...0
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No. A lender will advance upto 95% of the purchase price or value of the property in its current condition, whichever is the lower.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, 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. Please do not send PMs asking for one-to-one-advice, or representation.0
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And the price of a 2 storey extension on the side will be muchos0
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