Don't the new borrowing/lending limits apply here based on the €175K purchase price?How do mortgage providers handle loan amount request to cover purchase cost plus renovation cost. eg. House will cost 175k but needs 50k renovation work.
given.. borrower will qualify 225k purchase loan.
I don't think so.Maybe I didn't make the question clear...
The borrower has mortgage approval for 225K ( all conditions are met ). Would the (or any) mortgage provider approve of a client then (say) buying a property (to live in) for 175k and spending 50k on required renovations....