Any thoughts?

Not_so_Richy_Rich

Can someone give me a second opinion?
I will be running this past a mortgage advisor but what do you think..
Mortgage owing £142100
We have the opportunity to add an extension to our property for £15k. (paid for with savings)
A house WITH the same extension is up for sale at £170k
With what we owe on the mortgage and if the house is valued after the extension at £170k we should be within 85% ltv.
Am I correct in thinking that based on the above I could then find a competitive mortgage rate with an 85% mortgage???

Thanks

Thrugelmir

And if the property is valued at £165k?

May be better to overpay your mortgage for a while and improve the equity that way.

Building works have a nasty habit of costing far more than envisaged.

Interest rates are edging upwards so don't assume a better deal will be available. Particularly when costs of remortgaging to a new lender need to factored in as well.

Annisele

I agree with Thrugelmir - "up for sale at £170k" isn't at all the same as "worth £170k". There's a very good chance that even the current owner of that property doesn't expect to get more than £165k or even £160k for it.