Mortgage Advice

(4 Posts)
l1234m Wed 25-Jul-18 11:40:33

Can anyone help with mortgage advice. (numbers used as an example) If I'm looking to buy a house with a home report value of 100k and the bank has approved this mortgage. If I put in an offer for 98k that's accepted, can you still get the 100k mortgage and use the remaining 2k for renovations?

OP’s posts: |
Jonbb Wed 25-Jul-18 11:44:10

No, are you putting in any money?

l1234m Wed 25-Jul-18 11:45:01

yes I have a 10k deposit but the flat requires a lot of renovation so the extra money would come in handy!

OP’s posts: |
Jonbb Wed 25-Jul-18 18:25:52

It depends upon what percentage deposit of the mortgage they require. For example if the property is 100K and they require a 10 percent deposit then no. But if it's 90k and your deposit requirement is 10 percent, you could borrow 81 and keep the extra 1k for renovation.

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