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Re-mortgaging to pay for extension
jw2003
Posts: 786 Forumite
Hello, hope I'm not being thick with a capital TH here but if you remortgage to extend a property will the ltv be against the current value or the extended value?
More info: mortgage £83k, house value anywhere between £125 and £145k (latter figure approx selling prices, former peccimistic realism) - extension to add garage, 4th bedroom and second bathroom
It's not due for a few months yet but just trying to think ahead
TIA
More info: mortgage £83k, house value anywhere between £125 and £145k (latter figure approx selling prices, former peccimistic realism) - extension to add garage, 4th bedroom and second bathroom
It's not due for a few months yet but just trying to think ahead
TIA
:silenced:
0
Comments
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The mortgage company will generally lend a % of the current value.0
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I figured it would be that, just had a nosey at our lender's site and they have re-mortgage LTV's of up to 90% and because of the rate drop we could borrow more and keep our repayments the same, we'll also be able to overpay until the next remortgage to bring the debt back down :silenced:0
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