Help first time buyer !!!

Jakeyboy392

Hi,

I am a first time buyer and ive found a house that i adore its in need of a bit of work the property is a 3 bed terrace and is on the market for £78,000 my question is i have a 5% deposit would the bank give me a mortgage on it ive had my grandfather come out who is a builder he said the conservatory floor needs replacing the roof needs flashing and there is a small area that needs rebricking and sealing properly (this is what caused the floor to be damaged in conservatory) i dont have an awful lot of money (only 20 yrs of age so not saved long) the seller has had it for a while now (been on market since septemver 2015) so im thinking they will take 60k - 65k would a bank give me a mortgage on this property what kinda things are needed to pass and if it was to sell for 65k but the bank valued it at say 75k could i take the full 75k to help pay for repairs

Any help would be really appreciated

Thank you

LKH1995

Depends on your income, how much of a deposit you actually have. Will you have enough money to pay fees after you've paid your deposit?

I've just bought my first property back in January with my partner and I'm 20 - we found using a broker helpful if you can afford to incur the fee.

Contemptuous

The LTV will be based on 95% of the purchase price or valuation, whichever is lowest.