Evening all
I have today had a second viewing on a very desireable house that requires
a) a lot of work (new kitchen, new bathroom, decoration) at a minimum
b) I would love to extend like their immediate neighbour giving a huge footprint and creating a very desirable house.
How do mortgages work in this instance?
Do they loan up to current value only - or will they lend based on an extension and work?
would they require a larger deposit that we realistically have at present.
There has been 3 offers to date (been on the market for 1 week) but the vendor is holding out for FAP or OO.
I have today had a second viewing on a very desireable house that requires
a) a lot of work (new kitchen, new bathroom, decoration) at a minimum
b) I would love to extend like their immediate neighbour giving a huge footprint and creating a very desirable house.
How do mortgages work in this instance?
Do they loan up to current value only - or will they lend based on an extension and work?
would they require a larger deposit that we realistically have at present.
There has been 3 offers to date (been on the market for 1 week) but the vendor is holding out for FAP or OO.