{"id":7798,"date":"2022-01-04T12:00:43","date_gmt":"2022-01-04T12:00:43","guid":{"rendered":"https:\/\/www.mouthymoney.co.uk\/?p=7798"},"modified":"2025-03-03T10:16:28","modified_gmt":"2025-03-03T10:16:28","slug":"your-questions-answered-can-we-ask-for-extra-mortgage-cash-to-renovate-our-new-house","status":"publish","type":"post","link":"https:\/\/www.mouthymoney.co.uk\/mortgages\/your-questions-answered-can-we-ask-for-extra-mortgage-cash-to-renovate-our-new-house\/","title":{"rendered":"Can we ask for extra mortgage cash to renovate our new house?"},"content":{"rendered":"\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1024\" height=\"683\" src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" data-src=\"https:\/\/www.mouthymoney.co.uk\/wp-content\/uploads\/2022\/01\/annie-gray-WEWTGkPUVT0-unsplash-1024x683.jpg\" alt=\"Extra mortgage cash\" class=\"wp-image-7800 lazyload\" data-sizes=\"auto\" data-srcset=\"https:\/\/www.mouthymoney.co.uk\/wp-content\/uploads\/2022\/01\/annie-gray-WEWTGkPUVT0-unsplash-1024x683.jpg 1024w, https:\/\/www.mouthymoney.co.uk\/wp-content\/uploads\/2022\/01\/annie-gray-WEWTGkPUVT0-unsplash-300x200.jpg 300w, https:\/\/www.mouthymoney.co.uk\/wp-content\/uploads\/2022\/01\/annie-gray-WEWTGkPUVT0-unsplash-1536x1024.jpg 1536w, https:\/\/www.mouthymoney.co.uk\/wp-content\/uploads\/2022\/01\/annie-gray-WEWTGkPUVT0-unsplash-2048x1365.jpg 2048w, https:\/\/www.mouthymoney.co.uk\/wp-content\/uploads\/2022\/01\/annie-gray-WEWTGkPUVT0-unsplash-450x300.jpg 450w, https:\/\/www.mouthymoney.co.uk\/wp-content\/uploads\/2022\/01\/annie-gray-WEWTGkPUVT0-unsplash-225x150.jpg 225w, https:\/\/www.mouthymoney.co.uk\/wp-content\/uploads\/2022\/01\/annie-gray-WEWTGkPUVT0-unsplash-900x600.jpg 900w, https:\/\/www.mouthymoney.co.uk\/wp-content\/uploads\/2022\/01\/annie-gray-WEWTGkPUVT0-unsplash-1350x900.jpg 1350w, https:\/\/www.mouthymoney.co.uk\/wp-content\/uploads\/2022\/01\/annie-gray-WEWTGkPUVT0-unsplash-20x13.jpg 20w, https:\/\/www.mouthymoney.co.uk\/wp-content\/uploads\/2022\/01\/annie-gray-WEWTGkPUVT0-unsplash-144x96.jpg 144w, https:\/\/www.mouthymoney.co.uk\/wp-content\/uploads\/2022\/01\/annie-gray-WEWTGkPUVT0-unsplash-600x400.jpg 600w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p><strong>Mouthy Money Your Questions Answered panelist Karina Hutchins answers a reader\u2019s question about being able to get extra cash in their mortgage above the house value to conduct renovations.<\/strong><\/p>\n\n\n\n<p><strong>Question:<\/strong> My partner and I are first-time buyers nearly ready to buy a house. We can afford something around \u00a3200,000 with our deposit but we\u2019ve seen a house that needs some work, but has a lot of potential, for \u00a3180,000. Would we be able to ask the bank for extra cash in our mortgage above the house value to conduct renovations? We don\u2019t have the extra funds ourselves to do the work that is required.<\/p>\n\n\n\n<p><strong>Answer:<\/strong> Before the financial crisis of 2008, it was common to find mortgage loans up to 120% of the value of your home. <\/p>\n\n\n\n<p>However, this level of debt left people in negative equity (where you have more debt than your house is worth) meaning they became mortgage prisoners, as without equity, they couldn\u2019t afford to sell their home or change their mortgage deal. As such, mortgages above 95% of the value of your home are no longer available.<\/p>\n\n\n\n<p>I would see if it\u2019s possible to buy with a 5% deposit and use whatever funds you have left over to start renovations.<\/p>\n\n\n\n<p>If you require further funds, you can wait six months after the mortgage starts to apply back to your lender for a further advance. They will revalue your home and maybe you will be able to withdraw further funds if you\u2019ve created more equity. <\/p>\n\n\n\n<p>This could work well as house prices have naturally increased by 10-15% over the last 12 months and you can look to improve the property as much as possible with the deposit money you held onto. <\/p>\n\n\n\n<pre class=\"wp-block-preformatted\"><strong>YOUNG MONEY: If you\u2019re 18 \u2013 29, we want to hear from you! By taking our <a href=\"https:\/\/www.mouthymoney.co.uk\/earning\/18-29-take-our-young-money-survey-to-win-100-shopping-voucher\/\" target=\"_blank\" rel=\"noreferrer noopener\">quick survey<\/a>, you\u2019ll be in with a chance of winning a \u00a3100 shopping voucher from your choice of Amazon, John Lewis or M&amp;S \u2013 plus four \u00a320 vouchers up for grabs too.<\/strong><\/pre>\n\n\n\n<p>Alternatively, you should look to save funds or seek affordable borrowing elsewhere which isn\u2019t secured against your home. If you do take out new debts, please ensure you can afford the repayments in additional to your mortgage and other outgoings.<\/p>\n\n\n\n<p><strong>Karina Hutchins is Head of Mortgages at Open Money<\/strong><\/p>\n\n\n\n<h1 class=\"has-text-align-center wp-block-heading\" id=\"have-you-got-a-burning-money-question-ask-your-question-here\">Have you got a burning money question?&nbsp;<a href=\"https:\/\/us18.list-manage.com\/survey?u=b4ed2b7b1c0b08db612540ce7&amp;id=4cece61c35\" target=\"_blank\" rel=\"noreferrer noopener\">Ask your question here<\/a><\/h1>\n\n\n\n<p>Photo by <a href=\"https:\/\/unsplash.com\/@anniegray?utm_source=unsplash&amp;utm_medium=referral&amp;utm_content=creditCopyText\">Annie Gray<\/a> on <a href=\"https:\/\/unsplash.com\/s\/photos\/renovations?utm_source=unsplash&amp;utm_medium=referral&amp;utm_content=creditCopyText\">Unsplash<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Mouthy Money Your Questions Answered panelist Karina Hutchins answers a reader\u2019s question about being able to get extra cash in their mortgage above the house value to conduct renovations. Question: My partner and I are first-time buyers nearly ready to buy a house. We can afford something around \u00a3200,000 with our deposit but we\u2019ve seen&hellip;<\/p>\n","protected":false},"author":103,"featured_media":7800,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[3,679],"tags":[246,539,538],"class_list":["post-7798","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-mortgages","category-questions","tag-house","tag-house-deposit","tag-yqa"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.3.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Can we ask for extra mortgage cash to renovate our house? - Mouthy Money<\/title>\n<meta name=\"description\" content=\"Karina Hutchins answers a reader\u2019s question about being able to get extra cash in their mortgage above the house value to conduct renovations.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.mouthymoney.co.uk\/mortgages\/your-questions-answered-can-we-ask-for-extra-mortgage-cash-to-renovate-our-new-house\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Can we ask for extra mortgage cash to renovate our house? 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