Remortgage or loan for extension

missmac

Hi,

I'm thinking of extending my semi-detached house at the side to incorporate a garage and another bedroom. I'm saving up at the moment to submit plans (£1000).Our 2 year tracker mortgage is due up in Dec 11 and the LTV will be 75%.

A local builder has quoted £30K for the work and I'm unsure whether it is best to take out a separate loan (over 5 years) or remortgage. If I remortgage, would they take into consideration the new valuation of the property for the LTV?

Any advice would be greatly appreciated.

Thanks

Thrugelmir

missmac wrote: »

If I remortgage, would they take into consideration the new valuation of the property for the LTV?

The simple answer is no.

missmac

many thanks for that!