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Mortgage for renovations
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firsttimebuyer0307
Posts: 1 Newbie
Can I borrow more from the bank than is required to cover the list price of the property?
For example, if I want to buy a house for £160,000 and I have £30,000 in a LISA. Can I borrow £145,000 instead of just £130,000, and use £15,000 to renovate? Or will the bank want to lend me as little as possible?
For example, if I want to buy a house for £160,000 and I have £30,000 in a LISA. Can I borrow £145,000 instead of just £130,000, and use £15,000 to renovate? Or will the bank want to lend me as little as possible?
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Comments
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Nope. No lender will lend on the improved value until after it has been done.I am a mortgage broker. 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.1
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