Hi
we are looking to buy a 3 bed house in D15 value of house 220k but my father is happy to sell it to us for 150k. We have gross income 80k plus 7k bonus and two dependants. Both paye.The issue is we have a Bank Overdraft of 2k which I am aiming to clear down this month.
We are aiming to borrow 180k approx in total -150k purchase value and 30k home improvements.
Three questions will the fact that we have overdraft affect the loan process - hoping to apply September.?
Can we use the equity of 30k plus in the house towards the deposit or is it 10 percent of 180k is required plus fees.?
Is it better to borrow for the home improvements separately rather than roll up into the mortgage ?
we are looking to buy a 3 bed house in D15 value of house 220k but my father is happy to sell it to us for 150k. We have gross income 80k plus 7k bonus and two dependants. Both paye.The issue is we have a Bank Overdraft of 2k which I am aiming to clear down this month.
We are aiming to borrow 180k approx in total -150k purchase value and 30k home improvements.
Three questions will the fact that we have overdraft affect the loan process - hoping to apply September.?
Can we use the equity of 30k plus in the house towards the deposit or is it 10 percent of 180k is required plus fees.?
Is it better to borrow for the home improvements separately rather than roll up into the mortgage ?