re-mortgage to raise £50K for extension - Help!

dham09

Hi, I want to re-mortgage my house to build an extension and I have hit the following problem and wondered if anyone can give me some tips and advice on where to go next.

My current status:
Mortgage: £50K
Sale Value of house: £220K
Looking to borrow an extra £50K for extension
Income: £23K+
Mortgage: Abbey
No other debts

I called the Abbey and the most they would lend me over the phone was £20K. I have since booked an appointment to see them in person next week and was hoping for some advice that might give me some leverage in getting the full £50K that I need.

Many thanks

_Andy_

Did they go through your outgoings as well?
If so it sounds like your outgoings on debts maybe high?

dham09

Thanks Andy, I have no debts (credit cards, loans etc) and have more than enough disposable income at the end of each month to pay of the required amount.

herbiesjp

Cant see what the problem would be

Maybe the extra £50k would be too much, but I would have though you would have got more than £20k

Are you tied in?

saveallmymoney

is the problem the 4x income multiple you're asking for?

herbiesjp

Plenty lenders would agree that though especially at that LTV

Abbey have tightened up on their affordability calculator though

dham09

I am not tied in any more but am on a very comfortable variable rate mortgage. Will sitting down with a branch advisor be more beneficial than going through the call centre as I was asked very limited details over the phone then given an instant decision of £20K or am I flogging a dead horse by trying again?

herbiesjp

No harm in seeing what they say in person

If they dont agree the amount needed you will have two options:
1) Put the conversion on hold
2) Find a different lender

dham09

IF Abbey do lend the money when I see them again are they likely to tie me into a new mortgage or just extend the current one?