can mortgage include money for repair?

[lingling]

if you have enough money to cover 8% deposit for 250k mortgage and you get the property for 220 but its in need of repair to make it livable, such as rewiring, plumbing etc, can you get the extra money as part of the mortgage if you give the bank a builders estimate? im a 1st time buyer

 

[Alli]

No...I asked this question before. You will only get a mortgage for the price you pay for the property.

There was a time you could do this, but not any more.

You would have to raise the finances yourself through personal loans or whatever.

Alli

 

[lingling]

thank you for your quick reply!