Re-mortage - additional boworring

tricky_r_stewart

Hi,

We are currently looking to re-mortage to take some capital out of our home. The house has been valued at £280k and we have £220k left on the mortage (78%). We are looking for an additional £25k for a home extension.

Our current mortage is with Halifax, but they have an cap of 80% LTV when taking out additional borrowing, therefore we could only reasonably get an extra £4k.

Does anyone know if it would be possible to remortage to another company for greater than my current outstanding mortage (£220k) thus getting the additional money that I require.

Many thanks

kingstreet

I think there will be one or two who will offer between 85% and 90% for home improvements.

The lender's surveyor agreeing with your valuation will be key to this.

Foxy-Stoat_3

Talk to a broker but pulling out equity increasing your LTV past 80% will be tricky for the main stream lenders.

Have you tried to get an unsecured loan for £25K? You could remortgage once you have extended and increased value on your house.

tricky_r_stewart

Thanks both.

The Value of £280k was given by the halifax surveyor last week, so I am hopefull it is accurate, althought I can imagine different surveyors would give potentially very different estimates.

First direct look to have a remoratege option for up to 90% LTv so might give them a try.

I havent tried a loan, but might explore that route further if I can't get a mortage from anyone else.

getmore4less

How much could you save in 2 years?

if you have the cash flow 0% purchase/BT credit cards may work.

maxowen159

Contact a good broker who could give you honest suggestion.....