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Potential First Time Buyer looking at Renovation Property
CentiaRoyal
Posts: 22 Forumite
Hi,
Just a quick question. I am looking at perhaps buying a house which has just had it's asking price dropped by £20k. The house itself is ok but needs massively updating (I am talking new Kitchen, bathroom, wiring, plastering etc.). I am confident I am able to achieve this. However, I plan to move the bathroom upstairs into 1 of the bedrooms (making it 2 bed from 3) and increasing the kitchen size. Then, after having a chance to save up again I plan on a single story extension above the kitchen (my architect friend said this should be fairly straightforward) and therefore convert back into a 3 bed. Now my question is this. Am I allowed to do this (convert to 2 bed) after obtaining the mortgage? Or will I be in breach because I am potentially reducing the value of the house (albeit, temporarily). I would have no plans to move out before the extension is completed. Bizarre question and apologies if in the wrong forum!
Just a quick question. I am looking at perhaps buying a house which has just had it's asking price dropped by £20k. The house itself is ok but needs massively updating (I am talking new Kitchen, bathroom, wiring, plastering etc.). I am confident I am able to achieve this. However, I plan to move the bathroom upstairs into 1 of the bedrooms (making it 2 bed from 3) and increasing the kitchen size. Then, after having a chance to save up again I plan on a single story extension above the kitchen (my architect friend said this should be fairly straightforward) and therefore convert back into a 3 bed. Now my question is this. Am I allowed to do this (convert to 2 bed) after obtaining the mortgage? Or will I be in breach because I am potentially reducing the value of the house (albeit, temporarily). I would have no plans to move out before the extension is completed. Bizarre question and apologies if in the wrong forum!
0
Comments
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You could ask whomever you're planning on borrowing from, they should have a number you can call to ask mortgage related questions.0
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