Get a mortgage or buy outright?

[Whoevenknows79]

My husband and I are looking to move. We are currently mortgage free and with the properties we are looking at will need to take on a smallish mortgage, likely 50-100k, depending on the house price and repairs needed. We have seen a house where the asking price is 100k less than the maximum asking price we have planned for and now I'm wondering if we should buy the house outright (we still have some savings to fall back on) and take out a mortgage once we have settled in and have a better idea of how much we need to upgrade the house as it is currently livable. Not sure what the implications of this would be. If we bought outright we would set aside the likely amount we would have paid for our mortgage each month so this is also available for doing up the property. Would love to hear thoughts on what you would do in my situation. Thanks in advance.

I’d speak to a mortgage advisor, if you did it afterwards you’d be remortgaging and the rates offered would be different - I don’t know if they’d be better or worse really but I’d get proper advice.

Anyone else have a view?

Can you take out a mortgage on a house you already own outright? I hadn't heard of that before. Essentially you're borrowing against the house rather than having a mortgage?

As others have said, I'd speak to a financial advisor or mortgage broker.

@WitchyWay from what I've read it is like remortgaging, I'm going to speak to my broker, but was keen to get other views too.

We were in a similar position and were told that you can’t take a mortgage out on a house you bought in the last 6 months. Not entirely sure whether that is accurate but we took the small mortgage, put that towards the house and kept a sum equal to the mortgage in the bank meaning we could get on with the work straight away. We also found that you need the deeds to be sorted with land registry in order to take a mortgage and if there is any complication or delay on this, you’re held up. I suppose, really, it depends on how soon after moving in you intend getting to work.
Flip side, buying outright does give you some bargaining power.

Thanks@JustBecthat's really helpful. We will probably do the same tbh.