My eldest daughter is just about to get on the property ladder but has found to get more house for her bucks she has been looking at ones that need some work done, not total referbs but kitchen bathrooms Carpets and decor.
As I'm now out of the mortgage game and spent 25 years paying it off and have not had to apply for a mortgage for some time not sure what the format is.
My question is, they have 5% deposit and help to buy get another 20% from the Gov. and have a mortgage in principle. The houses they are looking at are lower then the amount in principle but they will need the difference to do the house up.
How does this work to borrow more then the current value of the house but not more then the finished value of the house.
Hope that all made sense?
As I'm now out of the mortgage game and spent 25 years paying it off and have not had to apply for a mortgage for some time not sure what the format is.
My question is, they have 5% deposit and help to buy get another 20% from the Gov. and have a mortgage in principle. The houses they are looking at are lower then the amount in principle but they will need the difference to do the house up.
How does this work to borrow more then the current value of the house but not more then the finished value of the house.
Hope that all made sense?
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