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Bigger mortgage to decorate house.

ElinaM
ElinaM Posts: 2 Newbie
in Mortgages & endowments
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 .

Comments

  • csgohan4
    csgohan4 Posts: 10,600 Forumite
    Ninth Anniversary 10,000 Posts Name Dropper Photogenic
    edited 30 July 2019 at 12:40PM
    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 RIP
  • Caz3121
    Caz3121 Posts: 15,850 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    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 £114k
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