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How much can we borrow?
Brixtonbuyers
Posts: 1 Newbie
We have been approved for a mortgage up to £550,000. If we bought a house for £500,000 would we still be able to get a mortgage for £550,000 and have access to £50,000 for refurbishment?
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Comments
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No. Not possible. 100% mortgages are a thing of the past.0
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You need a deposit? and if you earn a good INCOME where a mortgage lender is happy to lend you £550,000 you should have a LOT of money already saved0
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Brixtonbuyers wrote: »We have been approved for a mortgage up to £550,000. If we bought a house for £500,000 would we still be able to get a mortgage for £550,000 and have access to £50,000 for refurbishment?
No you wouldn't. You'd perhaps could get a mortgage nearer £450,000. So would require a £50k deposit.0
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