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Loan to value query ? should we re mortgage
Aileen0105
Posts: 1 Newbie
We are currently on a flexible tracker with our provider at 0.9% interest. we want to do an extention but as the loan to value ratio is more than 75% so they won;t lend us any more money. We have approx 20K in savings that we could use but will still be short 30K as the extention will be about 50-60K. Do we remortgage or look for a bigger house ? ( which we don't want to do as we love the location of where we live - just that the house is tiny) ?? Any feedback will be useful - thanks:o
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Comments
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Keep saving and look at doing the extension in stages
Thats a great mortgage rate and you wont find better so better to pay for extension out of savings0 -
Agree, great rate, carry on saving. And you do not say what your LTV is, only it's more than 75%. If it's a lot more then you may not be able to get the extra amount anyway on a remortgage, and may be why your current lender says no, assuming they might have been willing, in principle, to let you have a second mortgage.0
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