mortgage and a loan

Guru86

Good afternoon

We have just been to a view a very run down house in a excellent area. I feel I could get it for 145000 (top spec same street going for 180000) however needs lot of work doing with new bathroom, new kitchen, new boiler, electrics and replace all windows.

I reckon will need 20 grand to get it up to spec.

We are taking a 95% mortgage so wondering would it be possible to take a loan to cover the work or once we get the mortgage will that run our credit rating down ?

At the moment we have excellent credit ratings.

Thanks in advance.

lee111s

Ignore your credit "rating". Consider credit history instead.

As long as you fit the affordability for the loan once you have the mortgage, and never miss a payment on any debt, you won't "damage" your credit history.

Obviously the more debt you have, the less you may be able to borrow.

amnblog

You are 'getting a 95% mortgage' ?

Is the property even mortgageable?

Guru86

Apologies we would take a95% mortgage.

In relation to is it mortgageable that is something we would have to look at.