Mortgage for a renovation

[QueenMabs]

We have a house but looking for buy another house that is a renovation.

Current house is 300k with mortgage remaining 80k 220 equity.

Potential house is 295k with 100k spend needed.

The 100k would need to be borrowed. How does this work?

We can have a mortgage up to 350k.

I assume there are a few options.

I've been unclear we will sell this and move to the new one straight away a and live onsite as the work is done.

Mortgage broker here! You can't borrow more for renovations etc against a purchase (whereas you can take equity out during a remortgage for basically anything thats legal), so you'd have to use £100k out of your £220k equity for the renovation costs.

You'd have £120k left to use for a deposit and then mortgage the remaining- £175k mortgage.

Hope this helps :)

Thanks @Deezeboob exactly what I thought.

Not a problem, glad to help :)