Best Mortgage to raise money for extension?

Scottydog27

Hi,

We are looking for advice on the best mortgage to raise additional money.

We currently have about 30k equity in our house. We have plans to do an extension (add an additional bedroom, family room and bathroom), the quotes for this come in around 50k.

We have spoken to our current lenders to ask for the additional money but they do not lend against proposed building work, they suggested doing the work and then remortgaging.

Is there any lenders that will lend money against extension plans?

Or are there any suggestions how we can go about this?

Thanks in advance

amnblog

Plenty of lenders will assist you if you need the funds before you do the work.

Thrugelmir

Scottydog27 wrote: »

We currently have about 30k equity in our house. We have plans to do an extension (add an additional bedroom, family room and bathroom), the quotes for this come in around 50k.

Then you'll need to overpay your current mortgage and significantly increase the amount of available equity. Without doing so you've no means of funding the works.