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Deb1
Guest
Bit of advice needed, please...
We're looking at a house that needs a lot of work, probably around the e100K mark. We've got approval in principle for up to e550K, but are having trouble getting a bank to approve us for a e450K house price and e100K project cost.
None of the banks will confirm that they'll grant us the mortgage without a full project plan, scope and cost and a valuation that confirms that the project will increase the value of the house.
We haven't put a bid in yet, as we're struggling trying to work out how high we can go, depending on what the bank may or may not give us!
Anyone gone through this before and are there any recommendations as to how we should progress?
Thanks!
We're looking at a house that needs a lot of work, probably around the e100K mark. We've got approval in principle for up to e550K, but are having trouble getting a bank to approve us for a e450K house price and e100K project cost.
None of the banks will confirm that they'll grant us the mortgage without a full project plan, scope and cost and a valuation that confirms that the project will increase the value of the house.
We haven't put a bid in yet, as we're struggling trying to work out how high we can go, depending on what the bank may or may not give us!
Anyone gone through this before and are there any recommendations as to how we should progress?
Thanks!