Moving house then extending

saving123

I am looking for some advice about my current mortgage. We currently have a mortgage for about 90% LTV. We are thinking about moving to another property and we would be looking to extend it.

My husband is in the construction trade and he would be doing most of the building work but we would obviously need to buy the materials. My question is would the bank take into account the value of the house once we'd done the work when deciding the LTV?

thanks in advance

opinions4u

They would, but may have concerns about how much the improvements will add to the value.

As you're already at 90% LTV, I think that you are unlikely to get the support you need from a lender, and risk exposing yourself to running out of money with building work only part completed.

Talk to a mortgage broker in depth about your plans before setting the ball in motion.

saving123

thanks, i was hoping that since my husband would be doing most of the work himself that this would significantly bring down the cost of the extension and therefore add more value to the house.