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FTB - Question
Gemm83
Posts: 237 Forumite
FTB so please excuse stupidity/ignorance!
Have been told by MB that we could get £250k mortgage with a £50k deposit. With this knowledge we have been cautiously looking at what is in our price range. Currently on at £240k is a 2 bed semi. Ideally with 2 kids we would want a 3 bed and have noticed that a number of properties in the street have a velux roof conversion. Question is despite the property being £60k under what we could possibly get, would we still be able to borrow the full £250k and put the extra towards the conversion or would the lender only be prepared to give us what the property is worth?
Have been told by MB that we could get £250k mortgage with a £50k deposit. With this knowledge we have been cautiously looking at what is in our price range. Currently on at £240k is a 2 bed semi. Ideally with 2 kids we would want a 3 bed and have noticed that a number of properties in the street have a velux roof conversion. Question is despite the property being £60k under what we could possibly get, would we still be able to borrow the full £250k and put the extra towards the conversion or would the lender only be prepared to give us what the property is worth?
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Comments
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You can only borrow what the property is worth, less you deposit.
If you can borrow £250k and have £50k deposit, that gives you upto £300k. Are there any 3 beds within that budget?
Or is it you can borrow £200k and have £50k deposit, giving you £250k?Mortgage started 2020, aiming to clear 31/12/2029.0
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