Information for a mortgage extension

MyWifeThinksImTight

I'm looking to borrow 13k from Santander for a cellar conversion, but have only been with my employer two months. Does anyone know what information Santander would ask for when going through the application? Would they be happy with 2 months pay slips or would they want anything from before my current employment?

Crashandburn

Depends if you are just basic income or wish to include overtime etc. Ring and ask them 0845 600 2092

holly_hobby

Are you on a probation period ?

Is it the same line position you were in with your previous employer ?

If your salary is obv sufficient, and if you are not on probation, and employed in the same position or identical line of work, there may be room for an acceptance on this, dependant on the overall LTV.

Bldg wise - you will need to apply for a change of use, and if you are lowering the floor (digging out) you will also need planning permission - the final conversion will need to pass building regs, that it is essentially safe to use as a habital space.

Is the 13k costing a guess or a quote ?

As it can be expensive if you need to lower (dig out) the floor (to raise the ceiling height), which will require the foundations underpining, and whether the lowered floor is then affected by any water table. What lays below the current floor i.e clay, rock, sandstone, etc, etc .. will also affect any build cost where a lowered floor is reqd.

Electrics are easy to spur off, but if you want the conversion to be plumbed involving re-working drains etc it will add a good sum to the fig(NB - if you just wanted a loo, you could instead install a sani-flo type maserating system, which doesn't reqiure traditional plumbing).

So if your 13k doesn't include the above, and if they are reqd, if will increase the fig you have by a decent amount - and you may find that after a revised quote you may elect not to pursue, once you factor the build cost in with the fitting out fees etc.

Of course none of the above may apply ... and its just a straight change of use with BR approval.

First things first is to ensure you have a pretty accurate quote, then you will know circa how much you need to release, then float this with your lender, if they say yes (subject to consents etc), then you can apply for any consents needed (as there is a fee, so its pointless incurring it, if the lender says no re the finance element).

Hope this helps .. sure others will be along with comment too.

(converted basements can be lush ... I'm very envious !)

Holly x