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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.
PLEASE DO NOT SEND PMs asking for one-to-one-advice, or representation.
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