Bigger mortgage to decorate house.

ElinaM

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 .

csgohan4

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

Caz3121

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