borrowing against approved plans

sjbu

Hi,

Does anybody know which lenders are happy to lend against plans?

so when borrowing money to do an extension, they would consider the approved plans in thier valuation therefore increasing the equity available

I have only found Halifax so far, wandered if anybody had experience with anybody else?

thanks

shortchanged_2

Very few if any I would think. More so during a weak housing market.

GuidoT

Very unlikely any lender will look at plans, hypothetically you could just borrow the money and then not do the extension.

The banks needs to see you have sufficient equity in your property without the extension and afford-ability prior to making a further advance.

sjbu

Thanks for the replies, I ask because Halifax have said that is what they can do - re-value my home + any approved plans (taking extension into consideration) and lend more money based on that valuation. I just wandered if there were any other lenders that did the same, looking unlikely though

shortchanged_2

sjbu wrote: »

Thanks for the replies, I ask because Halifax have said that is what they can do - re-value my home + any approved plans (taking extension into consideration) and lend more money based on that valuation. I just wandered if there were any other lenders that did the same, looking unlikely though

I think this is a very unusual stance.