Hi all,
I'm talking to the banks soon, but it would be good to get a heads up.
Can you extend the loan value on a mortgage to cover things like solicitors fees, estate agent fees etc?
It's so frustrating, we ended up selling our flat below our intended price and we're now short on the deposit we need, the money we have saved that could make up the difference has to be spent on fees!
Man life is tough!!!
Answer by Fred S
Banks provide mortgages based on the value of the house you are buying. They don't care what the money is spent on. So, yes, if there's sufficient equity in the house, you can increase the mortgage to cover the fees. But it the mortgage is already at the max, the answer will be no.
No one likes deals to go sour. Talk to everyone involved, and explain your situation. Your lawyers and real estate agents could well be willing to wait for their money in order to avoid the deal falling through.
Know better? Leave your own answer in the comments!
Orignal From: Can you borrow more on your mortage to cover solicitor fees, estate agent fees etc?
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