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getting more money ontop of first time mortgage?
blink182_2
Posts: 11 Forumite
Hello.
Might be a silly question but really want to get an answer... we are now in a position where we almost have the deposit and fees we need for purchasing our first home. We have not been for a mortgage appointment yet but from a lot of research online and advice we would be looking that our max we could get would be about 80k...
My question is, I have seen a lot of houses that are in need of severely updating hence the price being low. For example if the was a house for sale for 50k, can we then get a mortgage for 60k for the renovations or does it not work this way?? Obviously the deposit we would have would be based on the 60 k figure. Or do you have to get a separate loan?
Might be a silly question but really want to get an answer... we are now in a position where we almost have the deposit and fees we need for purchasing our first home. We have not been for a mortgage appointment yet but from a lot of research online and advice we would be looking that our max we could get would be about 80k...
My question is, I have seen a lot of houses that are in need of severely updating hence the price being low. For example if the was a house for sale for 50k, can we then get a mortgage for 60k for the renovations or does it not work this way?? Obviously the deposit we would have would be based on the 60 k figure. Or do you have to get a separate loan?
0
Comments
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No, you can't get a mortgage for more than the property is worth. Those days of 125% LTV mortgages are long gone. The most you'll get is 95% LTV.0
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Have a look at Buildstore's renovation mortgages:
http://www.buildstore.co.uk/finance/renovation.html0 -
But what you can do is keep part of your savings aside, instead of using them for the purchase.
Let's say you have £20k deposit. £60k mortgage would give you £80k purchase.
But £10k deposit plus £70k mortgage will give you £80k purchase plus £10k renovations.0 -
Thats great thanks for all the help.
We will just continue to save so that we have extra cash to do work to it.
many thanks!0
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