Add to mortgage? Home loan? HELP

JanetTee76

Hi...

So My partner and I are thinking of putting an offer in on a ‘project house’ we are both FTB living with parents. The home reprt value is £70k but the house needs gutted. We have our AIP and a 15% plus deposit.
In reality the house needs ripped apart and we are aware of the time/effort and money this requires.
My question is I suppose if you want a loan for home improvements do you add it to your mortgage? Or is it something different completely?
Even if someone could point me in the direction of a thread where something similar has been asked I would really appreciate it! We are complete novices:embarasse:embarasse:embarasse:eek:

Thanks in Advance

Neutrinno

No those days are gone. You can only look to put down a smaller deposit and use those funds for the home improvements or take out further credit once you have moved in (if possible). You are usually required to put down a minimum of a 5% deposit if you are a first time buyer; depending on your personal circumstance and credit history etc.

JanetTee76

Thanks for your reply,
I did think this would be the case. Halifax are looking for 15% from us, unsure if this is due to the fact he is CIS self employed or not as we have no adverse credit?

kingstreet

Halifax will lend upto 95% to CIS Sub-Contractors, so it may simply be low (Halifax internal) credit score if you are being maxed at 85%.

JanetTee76

Maybe to do with the fact we only have mobile contracts then!!!128586;

Thanks kingstreet

JanetTee76

Not sure where all of those exclamation marks came from, looks very abrupt, sorry:D