We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
remortgage for dummies
tiggernikk
Posts: 2 Newbie
Hi, I'm looking at finance options for building an extension.
we bought the house for 70k and currently have a tracker at 2.99 with abbey for 48K.
we put down 22k and have paid in the region of 6k
the house is worth c100k now
what are the maths for me to remortgage now. I find it very confusing. would it be worth doing now or to wait til we have paid more off, basically I want to know how much I would have to use on the extension :undecided
we bought the house for 70k and currently have a tracker at 2.99 with abbey for 48K.
we put down 22k and have paid in the region of 6k
the house is worth c100k now
what are the maths for me to remortgage now. I find it very confusing. would it be worth doing now or to wait til we have paid more off, basically I want to know how much I would have to use on the extension :undecided
0
Comments
-
If you are saying you have paid £6K to date off of £48K you now owe £42K. With a 100K value you are now on 42% loan to value.
Most lenders will allow you to raise up to 75% of value (subject to underwriting) without too much of an issue.
Therefore a loan for your extension of up to £33,000 (£75,000- £42,000) is within reach.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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.0 -
thanks thats about what I thought, but wasn't sure if I'd got my numbers jumbled
0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.7K Banking & Borrowing
- 253.4K Reduce Debt & Boost Income
- 454K Spending & Discounts
- 244.7K Work, Benefits & Business
- 600.1K Mortgages, Homes & Bills
- 177.3K Life & Family
- 258.3K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards