Hi
I was recently told by my bank I should qualify for mortgage for 250k to 300k to trade up from my current house
We have savings of approx 100k
Have seen a house I might be interested @ 250k but i would want too fully renovate it. Cost of renovation to the standard Id want would be 100 - 150k, for arguments sake say 100k
If I mortgage the house at 200k plus my 20% of 50k, that will leave me with 50k of my own money but I will need another 50k for renovation
Will/Can the banks offer me the extra 50k at the same term/rate as the 200k mortgage???
Or will they just offer me the 50k as some type of home improver loan, with much higher rate and shorter term (which I don't want) I simply want a mortgage of 250k (which 50k will go towards renovations) and 100k of my own money to cover my 20% and also renovations
Any help appreciated...
Thank you
I was recently told by my bank I should qualify for mortgage for 250k to 300k to trade up from my current house
We have savings of approx 100k
Have seen a house I might be interested @ 250k but i would want too fully renovate it. Cost of renovation to the standard Id want would be 100 - 150k, for arguments sake say 100k
If I mortgage the house at 200k plus my 20% of 50k, that will leave me with 50k of my own money but I will need another 50k for renovation
Will/Can the banks offer me the extra 50k at the same term/rate as the 200k mortgage???
Or will they just offer me the 50k as some type of home improver loan, with much higher rate and shorter term (which I don't want) I simply want a mortgage of 250k (which 50k will go towards renovations) and 100k of my own money to cover my 20% and also renovations
Any help appreciated...
Thank you