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Mortgage and home improvements
Hi ,
I hope someone could help me.
I’m in the process of selling my house and buying a new one.
I don’t have a mortgage on my current house (should get around 200k ) , but planning to buy one on mortgage.
spoke with a mortgage advisor and the bank is happy to lend me £70k ( I don’t need more )
My question is can I buy a property let’s say £240k , instead of using all 200k from my sale , can I use let’s say £170 ?
And use the left over £30 to do home improvements ?
So to total amount of mortgage still would be £70k. I just put down less deposit. Hope it makes sense.
I have emailed my mortgage advisor but haven’t heard back yet.
Thank you.
Comments
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Mortgage-wise, I don't see any obvious problem with your proposed course of action.
I am a Mortgage Adviser - You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
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