Mortgage for renovating

IRMartini

Hello Everyone,

My wife and I seem to be in an odd situation we own our house and so have no mortgage and would like to borrow up to 40k to renovate.

I'm finding it difficult to compare mortgages as they all websites and comparison sites are for first time buyers or re-mortgages! Is this classed as a re-mortgage??

I think I really need to find a mortgage advisor but I would like to have done some homework first especially as I like the idea of an offset mortgage as its impossible to do all the work all at once it could take a year or two the money unspent would lower the interest paid over those first two years wouldn't it!?

Can anyone offer some general advice as to where I could read about and compare the sort of mortgages we need and how to find a good advisor in the west midlands?

Thanks in advance for any replies.

Ian

harvey115

If you have never held a mortgage on your name before, then I would think you are a First Time buyer. However this does not influence or cause any issues to your situation.

You just need a mortgage on your home simple as that, as long as you meet the lending criteria i.e. minimum LTV, credit status, affordability etc it should be fine. The smaller the LTV the better chances to getting the mortgage.

If you have a straight forward case i.e.

No or minimal debts
No defaults or CCJ's
Permanent job with good salary
House value vs the mortgage required (less then 80%)

You should not need a broker to handle your case. However having an advisor does move all the stress of finding a good if not the best deal from your shoulders.

Best of luck

The_J

It will be a remortgage with most mortgage companies.

Offset does sound like a good idea to reduce the interest footprint while the work is being done. Speak to an advisor.

somethingcorporate

Sounds like a re-mortgage to me but these categories are often not exactly meaningful - a decent broker, as advised above, will be well positioned to help you.

IRMartini

Thanks for such quick replies.

Getting accepted for a mortgage i don't envisage being any problem, we have no financial issues at all.

My only concern is finding the right mortgage for our situation.

Just had an idea.
Does anyone just pay for a couple of hours with a mortgage advisor? Rather than just engaging them straight away to find a mortgage. I might find that after chatting through a few options I would be happy to get my own mortgage?

Thanks again

Ian

Dave_Ham

Hi Ian,

Typically most brokers would offer the initial consulation for free, but cannot imagine they would be delighted if this was just to pick their brains. If you were upfront I am sure for a sensible fee, they would be happy with this.

Offset would sound common sense for your situation, although without knowing more about age, employment etc. you cannot tell for sure.

This is a good forum to ask questions, research similar situations and generally get a feel for the market.

I wish you well.