Adding to a Mortgage

snoopjiggyjigg

Hi Guys

Im not that Au Fait with this mortgage lark. Currently we have a Mortgate with Santander on the SVR. We have 99k left to pay, our house is valued at £130k.

We were looking to add money onto the mortgage to allow us to add a loft conversion and a couple of other bits. They said that the 75% Loan to repossession would be £90k. The repossession cost was £107k.

Can anyone give me any advice on where to go next? Whether a company would lend extra at the moment and the best way to go about it.

We are looking at adding around £25 - 30k to the mortgage.

Any help is much appreciated.

Thanks

beecher2

I don't get what you mean by Loan to repossession or repossession cost.

But you have to little equity to add 25 - 30k to your mortgage. If your valuation is correct the most you could borrow would be 90% of 130k, or £117k. That would mean only adding £18k to your mortgage, and your lender may not be willing to agree anyway.