We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Mortgage Help - Buy and rennovate!
Options
VivaPayne
Posts: 36 Forumite
Hi,
I'm looking at buying a house that is habitable but needs work doing to it (new bathroom, kitchen, etc). I've been trying to find advice but I can't seem to get my head around the articles I've read, so was wondering if someone here would be able to answer it in a way that clicks! Before I explain the situation in a bit more detail, this is helping my research and I've not made any decision on what I'm planning on doing yet. The values I'm looking at are affordable given my circumstances, etc (I've already checked these). The numbers below are made up.
Property listed: £300,000
Purchase price: £250,000
Deposit: 20%
The question: I would like to know how feasible it would be to get a mortgage for the £300k (which is a realistic value of homes on the same street after the renovations would be complete) if we're purchasing for £250k. I have enough cash for fees, but not to fund the renovation work, hence wanting to get the cash in the mortgage to cover this. In practice the mortgage would be for £240k after taking the deposit off.
Hopefully I've explained that clearly! Thanks in advance
I'm looking at buying a house that is habitable but needs work doing to it (new bathroom, kitchen, etc). I've been trying to find advice but I can't seem to get my head around the articles I've read, so was wondering if someone here would be able to answer it in a way that clicks! Before I explain the situation in a bit more detail, this is helping my research and I've not made any decision on what I'm planning on doing yet. The values I'm looking at are affordable given my circumstances, etc (I've already checked these). The numbers below are made up.
Property listed: £300,000
Purchase price: £250,000
Deposit: 20%
The question: I would like to know how feasible it would be to get a mortgage for the £300k (which is a realistic value of homes on the same street after the renovations would be complete) if we're purchasing for £250k. I have enough cash for fees, but not to fund the renovation work, hence wanting to get the cash in the mortgage to cover this. In practice the mortgage would be for £240k after taking the deposit off.
Hopefully I've explained that clearly! Thanks in advance
0
Comments
-
No. You won't get more than a percentage of the purchase price, or valuation price if loser.
You wouldn't be able to get £240k, as that would be more than 95% of the purchase price. It'd be more like £200k.1
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351K Banking & Borrowing
- 253.1K Reduce Debt & Boost Income
- 453.6K Spending & Discounts
- 244K Work, Benefits & Business
- 598.9K Mortgages, Homes & Bills
- 176.9K Life & Family
- 257.3K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards