Mortgage already approved, can I borrow 10k extra?

gemma.zhang

We have survey done, mortgage approved, starting searches soon. However, would like borrow extra 10k from lender to go towards home improvement. With extra 10k, it won't exceed the LTV. Wondering how difficult or easy it will be. Don't want it to delay the progress. Would it be treated as new application?

Thx!

Old_Git

I just love it when people put home improvements onto a mortgage .Whatever happened to saving for a while .The only way to know the answer is to ask the lender .

kingstreet

You won't need to reapply. You will be re-scored though if you've used a credit scoring lender. Hope nothing's changed in your financial make-up since you first applied.

OG - she's reducing her deposit to use that bit for home improvements, so she needs a bigger mortgage to buy the place. If she's adding value, she could end up with a lower LTV, based on the new value, than she would have done.

opinions4u

"Home improvements" often means carpets, curtains, furniture and a bit of paint on the walls. This sort rarely adds to value.

kingstreet

opinions4u wrote: »

"Home improvements" often means carpets, curtains, furniture and a bit of paint on the walls. This sort rarely adds to value.

I did say "if"

Perhaps the OP will return and tell us what she's planning...

gemma.zhang

hehe.. Thanks everyone!
We have the survey back, which highlights a few things( including boiler etc), plus we would be quite skinned after the purchase. want to borrow extra to buy furniture, and get things moving more smoothly for the start.

Would it be fine to tell lender above, or they would expect some prove of how we are going to use this new money ?


Thanks.

dimbo61

Nice new furniture wont add one penny onto value !
Brand new combi boiler/ central heating ? can you get a grant / help from British gas or council, energy saving trust ETC
Cavity wall insulation/loft insulation Green is good !

ytfcmad

dimbo61 wrote: »

Nice new furniture wont add one penny onto value !
Brand new combi boiler/ central heating ? can you get a grant / help from British gas or council, energy saving trust ETC
Cavity wall insulation/loft insulation Green is good !

So what? If it makes there lives a bit better, they can afford the repayments and maybe pay a bit extra off who gives a toss. To many idiots on here living off of baked beans just so they can say they never borrowed and payed there mortgage off 6 years early.

I will be borrowing £20k extra on my next remortgage, do up the en suite and main bathroom and purchase a A4 Convertible. Fixed for five years and payed off in full in that time, i'll add at least £5k to my house and have a car that depreciates less than most, all done on a loan at rates a lot less than those offered on loans via the high st bank's etc.