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  1. #1

    Can we borrow cash on top of mortgage


    Currently house hunting as a first time buying and finding it all very stressful. BUT it’s all part of the experience I guess. Haha.

    Just a quick question....

    When we take out a mortgage, can we borrow a lump sum of cash in addition so that we may spruce the place up?

    For example, we are interested in a house that we could possible get for 175k. We have a 20k deposit and so would need to only borrow 155k BUT would the mortgage lender allow us to borrow 165k so we have 10K to re-render etc?

    Thanks in advance.

  2. #2
    No. You would simply reduce your deposit.

  3. #3
    You would just put down a 10,000 deposit and apply for a 95% mortgage.

  4. #4
    I see. A colleague of mine managed to do this a few years ago. Maybe things have changed?

    And would reducing our deposit make a difference to the lending agreement like the interest rates or anything?

  5. #5
    It may reduce your pool of potential lenders and could well lead to a higher interest rate on the borrowing.

    If you are using a broker, this is what (s)he should be advising?


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