We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Bigger mortgage to decorate house.
ElinaM
Posts: 2 Newbie
Hi,
I would like to know if it is possible to get higher mortgage to decorate a house/put new kitchen appliances in/change doors/put flooring down.
Maximum mortgage that bank offers us is £200 000. We are planning to buy cheaper house (around £120 000) and wondering if bank would let us take on the top of house price to decorate house.
I haven't seen mortgage advisor as we are looking to buy next year but I thought someone would be able to answer this question.
Thanks .
I would like to know if it is possible to get higher mortgage to decorate a house/put new kitchen appliances in/change doors/put flooring down.
Maximum mortgage that bank offers us is £200 000. We are planning to buy cheaper house (around £120 000) and wondering if bank would let us take on the top of house price to decorate house.
I haven't seen mortgage advisor as we are looking to buy next year but I thought someone would be able to answer this question.
Thanks .
0
Comments
-
NO, Lender only offers on what the house is worth now and will not fund extra renovations on top
Consider getting a loan after completion or save up and do each project one by one or have a smaller deposit"It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"
G_M/ Bowlhead99 RIP0 -
your mortgage will be based on the valuation of the property or the buying price, whichever is lower
If you were opting to purchase a £120k property with a 10% deposit, you would have a £108k mortgage
If you want to hold some back, you could maybe look at a 95% mortgage meaning you would put down less and have a higher mortgage of £114k0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.4K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.4K Spending & Discounts
- 247.3K Work, Benefits & Business
- 604.1K Mortgages, Homes & Bills
- 178.4K Life & Family
- 261.6K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards