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First time buyer - money for building work
mawk86
Posts: 46 Forumite
My partner and I earn £70k p/a between us, we are buying our first home from a family member for £120k, the house has been valued at £220k. We would like to build an extension on the property, which will cost approx £80k. Is there a way we could get this money with our mortgage so we could start work straight away? Rather than have to wait 6 months to re mortgage? Thanks
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Comments
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depending on the family member then you should be able to borrow up to 90% (perhaps 95% but not confident on that one) of the valuation of the property2
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Thread from a couple of days ago:
https://forums.moneysavingexpert.com/discussion/6272326/private-house-purchase-how-best-to-use-equity#latestMortgage started 2020, aiming to clear 31/12/2029.0
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