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Mortgage + Improvement Funds
RacingRed
Posts: 8 Forumite
If a house is valued at 200k and i negotiate to buy it for 150k, will i still be able to take the 200k mortgage against the value of the house? I'd use the remaining £50k to renovate it.
Sorry if this is a dumb question, i'm just out of my depth.
Sorry if this is a dumb question, i'm just out of my depth.
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Comments
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No, you can get around 90-95% of the lower of the purchase prie or valuation.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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Makes perfect sense. I was just wishing, hoping and praying for some irrationality in my favour...!
Thanks!0
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