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Money from deposit or loan for renovation
HouseLew
Posts: 1 Newbie
Hi. Completely newby to mortgages and home buying, though my girlfriend and I are on the road to saving for a deposit and would like some heads up if at all possible.
Our predicament is there is a house in a nice area which will be going for cheap though will require a lot of decorating (hasn't been lived in for 20 years, and decorated for 50 years!). The house isn't in need of any structural work just the interior taking back, replastering, new bathroom, kitchen etc.
Our question is that we will of saved £30k for our deposit with the house potentially costing £100k (so £70k mortgage), would it be best to take (only as an example) £10k out of our deposit for home improvements and get an £80k mortgage? Or, use the full £30k as the deposit and arrange a personal loan for money for the necessary improvements?
Opinions please. Nearer the time we will seek professional advice, though I thought I could hopefully get a good understanding from here first.
Thanks.
Our predicament is there is a house in a nice area which will be going for cheap though will require a lot of decorating (hasn't been lived in for 20 years, and decorated for 50 years!). The house isn't in need of any structural work just the interior taking back, replastering, new bathroom, kitchen etc.
Our question is that we will of saved £30k for our deposit with the house potentially costing £100k (so £70k mortgage), would it be best to take (only as an example) £10k out of our deposit for home improvements and get an £80k mortgage? Or, use the full £30k as the deposit and arrange a personal loan for money for the necessary improvements?
Opinions please. Nearer the time we will seek professional advice, though I thought I could hopefully get a good understanding from here first.
Thanks.
0
Comments
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A question that is impossible to answer here.
Your options we be dictated by the result of the lenders survey on the property. If you are purchasing a property in a poor state there may be restrictions added to the lending.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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.0
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