Anyone borrowed for stamp duty and renovation cost

[sellotape12]

We are selling and thinking offering of a house in the neighbourhood. Since we used almost all of our savings to pay for the renovation of our current house, we don’t really have anything left.

The house we’re looking at doesn’t need any cosmetic work but there is a patch repair job needed to the roof. That plus the stamp duty is making me wonder if we take it out of the deposit (and obviously borrow a little bit more to cover that deficit). Did anyone do this? Is it daft or normal?

side note: I’m genuinely baffled as to how people move add a new renovation all over again. Are these people borrowing the cost of the renovation or do they just have endless liquid funds available to them? If we move this will be our third purchase and hopefully our last until University. DS is 15 months.

It's totally normal. A mortgage interest rates are lower than other loans, but do bear in mind that as you're paying it over a longer term, the interest will add up. Try to overpay when you can.

You dont normally need to put down a deposit when you are selling and buying - usually it is the bottom of the chain that puts down a deposit and it passes up the chain to the top. A lot of people take out a mortgage to cover works needed on new property.