your money your lifestyle

CAN I GET A MORTGAGE FOR MORE THAN THE PROPERTY IS worth?

JOHN WRITES:

I am interested in taking out a bond for a house in a new development that is a high-security complex. Am I allowed to take out more than what the costs are to build the house to pay for some extras in the build?

CITY PRESS REPLIES:

This is a discussion you would need to have with your bank. A bank is unlikely to provide financing above the value of the property. They usually want there to be some equity in the property to provide