Where to find cash to finish off house?

[sherchar]

My friend is in the process of buying a house but the builder she is buying from hasn't done much to finish it and its due to be ready next week she thinks maybe hes run out of cash. The purchase price is 300k but he has said he would sell it the way it is for 250k. My friend has got a mortgage offer for 92% for this house at 300k -is there any way they could get the funds to finish off the house as they only have the 8% deposit. I was thinking if the builder gave them cash back or something or would the bank allow them to use 250k and then use the other 50k to finish off?

Your advice would be appreicated.

 

[PM1234]

If your friend qualifies for the additional mortgage she could re-apply for the higher mortgage amount as over-runs. It depends on the valuation of the property. If the property is only valued at 250K but an additional 50K will bring the value in excess of 300K a lender may offer the increased amount subject to mortgage eligibilty.

 

[sherchar]

Thanks. I see houses for sale with the builder offering the likes of a 10k pc sum not sure how this works does the builder allow them to chose 10k worth of goods within the purchase price of say 330k? or does the buyer receive 10k after the purchase price has been paid?