Remortgage ????

joewa

hi, my house is worth about £95000, my mortgage is about £39000.
I am getting married July 2012 and am looking to remortgage to pay for this.
I was thinking of borrowing about £20000 .When i do go to apply i will probably owe about £35000.Do you think it will be a goer ?

originalmiscellany

Yes... Put simply, your current loan to value (of house) is approx 40%. If by the time you ask to re-mortgage, you will be 35k (House value) + 20k) 55k - which will be approx 55% loan to value (assuming it's worth 100k as opposed to 95k).

Key qns:
Who do you bank with?
Do you have any other debts on CC or store cards?
What's your salary?

The bank will base their decision on a whole series of things - but a 55% loan to value means you have 45% of the house as yours, and paid, which is a decent amount.

Hope that helps, but fill in the qns above and you'll get a more accurate answer

SAHD_Jim

Ask your current lender for an agreement in principle to your further borrowing. It doesn't commit you to anything but at least gives you an idea of the feasibility of your plan.

Thrugelmir

Are you intending to be honest with your lender as to the purpose of the additional borrowing?

joewa

Hi,
I bank with Bank Of Scotland
Have a bank loan of £7500 and a Credit Card with£8500
Salary is £44000

I maybe should advise them on a different reason the top up ??????????????

joewa

Any thoughts ?

dimbo61

Any thoughts ? YES lots
The bank your lender has to consider affordability!!!
Now you have a small mortgage for someone earning £44K a year and also good LTV in your property BUT !!! you also have a loan of £7500 and Credit card debts of £8500.
You now want to borrow £20,000 for a big party and honeymoon.
Its a very special day but please dont leave yourself and your OH in debt for years to come just to have the perfect wedding.
I know nothing about you and the bank loan may have been to buy a GREEN car which does 75MPG and the credit card debts may have been £20K two years ago ( so you have cleared much of the debt)
I cant help thinking you should look on the debt free board and reduce your spending
Only my opinion so please dont take offence

herbiesjp

Yes - it is a goer.

The reason for the extra money has to be stated as the correct reason i.e. wedding, and lenders will be ok with that.

As stated above, looking to reduce other debts, would be a good idea also.