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    • vase
    • By vase 10th Oct 16, 8:38 PM
    • 27Posts
    • 7Thanks
    vase
    Increasing borrowing after mortgage offered
    • #1
    • 10th Oct 16, 8:38 PM
    Increasing borrowing after mortgage offered 10th Oct 16 at 8:38 PM
    We've been offered an 85% LTV remortgage from the Halifax at 2.44% 2-year fixed, borrowing £204,000 on £240,000 valuation (current balance just over £190,000).

    The extra £14k ish is going into home improvements. The offer arrived on Saturday morning and on Saturday afternoon, we were told that we probably need a new flat roof on the extension! So we are thinking of now changing the borrowing to £210,000 which would make our LTV 87.5%. I'm sure my broker said that the 2.44% would be fine up to 90%.

    I have checked with my broker this morning but I'm a tad impatient as he sees if the above is possible. My question is: can you increase the borrowing once the mortgage is offered or is it a bit of hassle? I guess there'd be no need to reapply and we're no due to complete until mid November so we have time, I just don't want to prejudice anything.

    Many thanks.
Page 1
    • Thrugelmir
    • By Thrugelmir 10th Oct 16, 8:49 PM
    • 54,345 Posts
    • 47,165 Thanks
    Thrugelmir
    • #2
    • 10th Oct 16, 8:49 PM
    • #2
    • 10th Oct 16, 8:49 PM
    we were told that we probably need a new flat roof on the extension! .
    Originally posted by vase
    £14k for a new flat roof? I'd say more like £1,400.

    I'd be asking for a price reduction from the vendors.

    When we moved in here 9 years ago. We were told that both the main roof and extension could require replacing at any time. As it turns out the flat roof is being done next month and the main roof in the spring.
    “ “Bull markets are born on pessimism, grow on skepticism, mature on optimism, and die on euphoria. The time of maximum pessimism is the best time to buy, and the time of maximum optimism is the best time to sell.” Sir John Marks Templeton
    • vase
    • By vase 10th Oct 16, 8:57 PM
    • 27 Posts
    • 7 Thanks
    vase
    • #3
    • 10th Oct 16, 8:57 PM
    • #3
    • 10th Oct 16, 8:57 PM
    Thanks, Thrugelmir, but I think you've misunderstood my post.

    We are remortgaging our house and the original £14k additional borrowing is for home improvements that we need to make. We want to borrow an additional £6k to pay for the roof and perhaps stretch to improvements outside.
    • Thrugelmir
    • By Thrugelmir 10th Oct 16, 9:01 PM
    • 54,345 Posts
    • 47,165 Thanks
    Thrugelmir
    • #4
    • 10th Oct 16, 9:01 PM
    • #4
    • 10th Oct 16, 9:01 PM
    One for your broker then. As it's a material change to the original application. Only they know your full circumstances.
    “ “Bull markets are born on pessimism, grow on skepticism, mature on optimism, and die on euphoria. The time of maximum pessimism is the best time to buy, and the time of maximum optimism is the best time to sell.” Sir John Marks Templeton
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