Mortgage Upsizing Advice please

COCassidy

I am selling my property and upsizing to a property that requires essential repairs. I have approx £75k in equity from the sale of my property and a decision in principle from a new mortgage provider up to 95% of the new property. I am looking for advice on the best way to take the new mortgage and enough funds towards repairs ie should I hold back some of the equity for repairs and take a smaller mortgage or use my full equity and take a bigger mortgage using the difference for the repair work? Thanks 

[Deleted User]

You have mixed up your choices. 

You would either 
1. keep some equity back and get a bigger mortgage 
2. put down more equity for the deposit and get a smaller mortgage 

In any event, I was not aware 95% mortgages were available at the moment 
Also if the house needs essential repairs, depending what they are might mean the house isnt currently mortgageable or the lender may retain some money back until the repairs have been completed. 
How much is the house and what repairs does it need ? 

COCassidy

£307,500 - new bathroom, re-wiring and minor roof repairs 

dimbo61

Any lender will require a survey on the property.
If the survey comes back with a number of issues this will be highlighted to the lender who may well say No.
You only have a 5% deposit ?
Not sure of any lenders doing 95%LTV
Now if you have £75,000 then you can put down a 15% deposit and have £30,000  to start the refurbishment.
However any property has to have a working kitchen and bathroom to be mortgageable.