Hi all,
Just recently came across a post which suggested that as a way of lowering spendings/costs, one could consolidate personal debt into their PPOP mortgage.
I was wondering if lenders in general would allow the following:
Lets assume a house is advertised at 350k (we'll assume market value is also 350k). If I managed to negotiate it down to 320K, would lenders lend the full 350k, or would I have just contributed to a lower market value of this property?
The reason i'm looking for the extra 30k is to consolidate personal debt into this mortgage...(therfore improving my serviceability...)
I guess the bottom line question is, would lenders lend only up to the lower of the contract/valuation price?
Any feedback will be appreciated.
Just recently came across a post which suggested that as a way of lowering spendings/costs, one could consolidate personal debt into their PPOP mortgage.
I was wondering if lenders in general would allow the following:
Lets assume a house is advertised at 350k (we'll assume market value is also 350k). If I managed to negotiate it down to 320K, would lenders lend the full 350k, or would I have just contributed to a lower market value of this property?
The reason i'm looking for the extra 30k is to consolidate personal debt into this mortgage...(therfore improving my serviceability...)
I guess the bottom line question is, would lenders lend only up to the lower of the contract/valuation price?
Any feedback will be appreciated.