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Mortgage Newb needs advice pls

foxyj
foxyj Posts: 3 Newbie
in Mortgages & endowments
Hi All

When applying for a mortgage can you say to them...'the house we are looking to buy has been valued at 110k and we have a 10k deposit but can you lend us more than the value as the property needs improvements pretty much straight away'..... ??

Thanks in advance :rotfl:

Comments

  • ~Beanie~
    ~Beanie~ Posts: 3,043 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    No, is the quick answer. I'm sure someone will be along shortly with the long answer and the reasons why not.
    :p
  • foxyj
    foxyj Posts: 3 Newbie
    ha ha ok, thank you. At least now i know x
  • kingstreet
    kingstreet Posts: 39,353 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    You can borrow upto 95% of the lower of the purchase price or the value. The days of borrowing more than the property is worth are over.

    If you want to improve a property, you have to fund it yourself, then remortgage afterwards, if you have added value to it.
    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.
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