Hi there,
First time buyer. Say I go for a mortgage for a house worth 100k, but the house requires a bit of work costing approximately 20k. I have a deposit of 15k, therefore I’ll be drawing down 85k for the house, leaving a total of 105k needed including the work I wish to get done.
- how do I gain access to the additional 20k for renovations?
- do the bank give me access to this before or after the draw down?
- Do I have to submit additional documentation for the additional 20k or is it considered part of the mortgage?
thank you.
First time buyer. Say I go for a mortgage for a house worth 100k, but the house requires a bit of work costing approximately 20k. I have a deposit of 15k, therefore I’ll be drawing down 85k for the house, leaving a total of 105k needed including the work I wish to get done.
- how do I gain access to the additional 20k for renovations?
- do the bank give me access to this before or after the draw down?
- Do I have to submit additional documentation for the additional 20k or is it considered part of the mortgage?
thank you.