First time buyer in need of help

rookie1_2

This is my first post so sorry for any mistakes!

My girlfriend and i are looking to buy our first home and have been offered a house by a friend of the family for 90k which is a pretty good deal. The only thing is we need to borrow 15k to put in a new bathroom, kitchen etc. Are there any lenders who let us borrow the extra to do any improvements?

We also have 5k deposit.

Thanks in advance.

herbiesjp

There are indeed lenders that will allow you to borrow 100%+ the value of the property

What are your incomes?
Do you have any other debts?
Do you have a clean creedit history?

rookie1_2

I currently earn 18k a year and the other halve earns 13k a year.

We both have loans which add up to £310 a month.

We were told that we both had good credit rating.

Mr_helpful

herbiesjp wrote: »

There are indeed lenders that will allow you to borrow 100%+ the value of the property

I think Herbie means they will let you borrow over 100% of the purchase price not 100% + the property.
Yes you can do that quite easily and your income should be ok

rookie1_2

Thanks for the replies guys.

Can you recommend any companies who offer this service along with a competitive interest rate?

I've had a look on the northern rock website and found that it may be cheaper to take out the mortgage with britannia and apply for a 15k loan than to combine both.

stuart30

Mr_helpful wrote: »

I think Herbie means they will let you borrow over 100% of the purchase price not 100% + the property.
Yes you can do that quite easily and your income should be ok

Actually Northern rock allowed us to borrow 100% + additional £££

Its made up as mostly mortgage and then a personal loan but all tied up as the mortgage....we need to borrow £112500 for the house but they offered us a maximum of £130000 ish.

Must say Ive found Northern Rock extremely helpful and flexible with the amount we could borrow.:T

Oh and the interest rate is 6.7% for us....my credit rating could do with much improvement so not sure if that had an effect on the % rate.

herbiesjp

rookie1 wrote: »

Thanks for the replies guys.

Can you recommend any companies who offer this service along with a competitive interest rate?

I've had a look on the northern rock website and found that it may be cheaper to take out the mortgage with britannia and apply for a 15k loan than to combine both.

Only a handful of lenders do this at the moment

Best bet is to talk to a fee free whole of market adviser to find one that fits the bill based on your circumstances and what you want from the mortgage

HTH