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Extra Borrowing
buzzby
Posts: 240 Forumite
Hi
I have just been accepted for a mortgage, and was wondering how long you have to wait to take out extra borrowing? The house needs a lot of work on it. But we were told we could only borrow what the house was marketed for, and then get extra borrowing after. Was just wondering if you have to wait a few months first?
Chris
I have just been accepted for a mortgage, and was wondering how long you have to wait to take out extra borrowing? The house needs a lot of work on it. But we were told we could only borrow what the house was marketed for, and then get extra borrowing after. Was just wondering if you have to wait a few months first?
Chris
0
Comments
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Can anyone help??0
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Buzz some lenders will have a minimum time limit, others not.
The challenge comes in proving the house has enough equity to repay the main mortgage and new second charge / top - up in the event you get repossessed.
People usualy say "my house is worth more than I paid"..... but few surveyors will accept this becuase if it was worth more it would have sold for more.0
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