Remortgaging to convert our loft??

lucasmum

Hi, I am after a bit of advice remortgaging to get some money together to convert our loft. We are in a shared ownership property and at the moment have a mortgage with halifax on their standard variable. I think at the time (3 yrs ago) we were about 85% ltv. We want maybe 10-15K to do our loft as my oh will be doing most of the work himself to save some money.
I am not entirely sure how to go about it, I presume our house would need to be valued again, would they value it as it is now or at the value it would be once the loft has been converted. Obviously the ltv would be less once we have finished our project. Are we better to go to halifax or through a broker?
We have a joint income of about 34K with £100 a month credit card bill. Our mortgage stands at around 53K at the moment, do you think we would even be eligible for any more money?
Thanks for any help, I want to get things straight in my head before going into the bank and getting confused

DAREDEVIL78

hi , its upto u on how u fund it but i had a loft conversion done with a dormer frontage to turn my one bed terraced into a 2 bedroom, i am with the halifax and i didnt remortgage , i simply asked for an additional borrowing loan which i assume uses your equity so i guess u have to have enough equity in the first place but the additional cost simply runs alongside my original borrowing cost and goes out of my bank as one payment like normal.

This was in 2006 though so given the economics now will determine how much equtiy is in your house.

hope this helps a bit.

GMS

Why would you want to convert the loft in a place you do not fully own?

lucasmum

This is our family home that we plan to live in for a long time. We will also benefit from 100% of any improvements we make to our house so if we do ever sell we would get our % back plus the full amount our converted loft has put onto the price of our property, so we don't see how we can lose really.

Wendy_Wu

I have a mortgage with halifax, about 18 months ago we remortgaged to convert our loft.

We could only borrow an additional £12k without moving into over 75% LTV, so we decided to top up with a £8000 loan as it worked out cheaper.

House was valued as it was originally was and as we bought in Oct 2007 had stood at a standstill price, due to falling house prices. Hope it has risen now as we put 2 bedrooms in making it a 5 bed property.

Hope this information helps, think you should be ok as you owe a lot less on your mortage than we did and earn a lot more.

Wendy