Mortgage approved now a loan?

Thrugelmir

Is there enough equity in the new property to secure a £30k loan?

scottishblondie

It's dated but 100% liveable. I would move in and save up towards the renovations. Plus, living in the property may change your ideas about what you want to do with it. I've known people to complete renovations before moving in and the have massive regrets over how they did it once they've lived there for a while.

MNM2903

scottishblondie wrote: »

It's dated but 100% liveable. I would move in and save up towards the renovations. Plus, living in the property may change your ideas about what you want to do with it. I've known people to complete renovations before moving in and the have massive regrets over how they did it once they've lived there for a while.

Good advice, something we're going to have to consider.

MNM2903

Thrugelmir wrote: »

Is there enough equity in the new property to secure a £30k loan?

No we would be putting down 10% deposit which is money from the sale of our first home.

The 30k loan would be a bank loan, once renovations are done though we have a house estimated to be worth between 230/250k so in a couple of years once our mortgage deal is up we could maybe think about clearing the loan by adding it to the mortgage.

From the advice I've had on here though I think the smart idea would be to take our time and make sure the changes we make are what we want and just take our time doing room by room.

MNM2903

BikingBud wrote: »

Is plum the new avocado?

Not a fan of avocado either 😂 both are disgusting 😋