Hi,
Can anyone tell me how this works?
House for sale at say 300k.
Bank will offer us a mortgage up to 500k.
We have the deposit and the stamp duty money but thats it. House requires some renovation, so in an ideal world we could borrow 350k -
300 to be used for the mortgage and 50 for modernisation.
Is it possible to have the bank lend 50k over the sale price of the house with the mortgage?
If it's not possible, could the seller say the sale price was 350 not 300, and then once mortgage monies received, give back the 50k????? (I'm guessing this is a dodgey thing to do but I'm asking anyway, so apologies in advance.)
If none of the above work, then is it a case of applying for a 50k loan to run alongside the mortgage?
I know I souund stupid but have genuinely no idea and would appreciate any help.
Ta.
Can anyone tell me how this works?
House for sale at say 300k.
Bank will offer us a mortgage up to 500k.
We have the deposit and the stamp duty money but thats it. House requires some renovation, so in an ideal world we could borrow 350k -
300 to be used for the mortgage and 50 for modernisation.
Is it possible to have the bank lend 50k over the sale price of the house with the mortgage?
If it's not possible, could the seller say the sale price was 350 not 300, and then once mortgage monies received, give back the 50k????? (I'm guessing this is a dodgey thing to do but I'm asking anyway, so apologies in advance.)
If none of the above work, then is it a case of applying for a 50k loan to run alongside the mortgage?
I know I souund stupid but have genuinely no idea and would appreciate any help.
Ta.