Remortgage additional borrowing > 80% LTV

alfie-gee

I am looking to remortgage and secure some additional borrowing.

Based on the value of house and existing mortgage I come in at 78% LTV. However I want to borrow an "additional amount" which brings the LTV up to 85%.

Does anyone know of any providers who might consider my application? I know that Halifax and Nationwide will only go to 80% in this scenario.

Thanks in anticipation

alfie-gee

ok it seems the key thing is what the "additional borrowing" is to be used for. If it is debt consolidation (which it is in this instance) then the LTV is generally to 75% or 80% . So no good for my purposes (I need 85%).

The annoying thing is the debt was accrued (on Credit Cards) and used for necessary "House Improvements" - we figured if we put all the house improvements on the Cards we could then remortgage once finished and pay off the cards. It seems now this is unlikely

Would I be able to get a family member to loan me the amount to pay off the cards, then remortgage and say it was for home improvements, then use the "additional borrowing" to pay back the family member?

Do the mortgage company actually check what you use the money for?