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building an extension...
james3333
Posts: 752 Forumite
....and just thought, do i need to tell the bank i have my mortgage with?
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Comments
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Check your T&C for the mortgage.
I suspect any alteration affecting the security requires notification at the very least, possibly even permission.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
ah ok...and when its complete will it show up on the land register as bigger (i.e i have made a 2 beroom into a 3 bedroom) and therefore increase my LTV automatically?0
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No. Land Registry will have no idea you have altered your property.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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so for my mortgage LTV to improve i will have to get the lender out to re-value the house?0
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Yes.
Depending on the lender, they may give you the option of a drive-by, which would have a small cost (example Halifax £80) if you feel the surveyor would be able to see the likely improvement in value by that simple measure, or an internal inspection (example Halifax £130) if the improvements would be best seen close-up.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
excellent...thanks for your advice!
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