Property News · April 6, 2017

Can we take out a bigger mortgage to cover the cost of renovation?


We’ve found a house that costs less than the maximum £650,000 we can afford, but it will need some work doing Q We’ve found a property that is under our current budget of what we can afford monthly (and how much the banks will lend us, which is £650,000). The problem though is that the property needs renovating and could do with an extension.So as the property we have found is on sale for £550,000, and would probably need another £100,000 spending on it to do the extension and other renovation work, could we get a mortgage of £650,000 to cover the renovation or is that not possible? If not what would the best route be? RR Continue reading…

Source : theguardian.com
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