First Time mortgage question

[rich_vw]

Afternoon,

I'm currently in the process of purchasing my first house, the property is not modernised and requires some works which is reflected within the offered price. It has a usable bathroom and just about usable kitchen, this was not of a concern to me until I spoke with a helpful lady on the phone earleir who stated that 'the mortgage valuation had come back fine....o they make comment of the poor state of the property I will have to give them a call and get back to you'.

Just using budget figures for illistration I expect to sink some £5 - 8k in to the propert over a 4 month period getting it to a standard that will suit me but this should add approx £15 - 20k on to the value.

Now I'm getting stressed enough waiting for people to get back to me but comment made today has got me worried, should I be??

Cheers all.

[worsy]

They may decide to advance a %age of the price with the rest held over till the works are complete. If you don't have the equity to fall back on that may cause a problem of course.

[rich_vw]

Well that may cause problems...I'm going for a 10% deposit which will leave me about £5k spear for the works and thats it, I have no other funds to fall back on

[auditt]

worsy said:

They may decide to advance a %age of the price with the rest held over till the works are complete. If you don't have the equity to fall back on that may cause a problem of course.

This is what leeds did with me but i was able to cover the short fall