Remortgage and taking more cash

superdon

Thrugelmir wrote: »

If you are debt free shouldn't be an issue. Lenders are likely to be more wary if you have unsecured debts. Therefore questioning in their minds the true purpose of the equity withdrawl.

The only debt we have is one car on a PCP, it has about 8k outstanding (monthly payment about £170) but we always sell the cars on at about 3 years and enter a new PCP. Even taking that into account, i think we are easily within affordability. Two salaries of about £70k combined, and the mortgage balance is £93k, although will be asking for closer to £98k. House value is around £135k.

So, we put in the application and simply request the extra £4-£5k for home improvements? And wait to see what they say?

hcb42

If you are doing a new mortgage with a new lender, don't you just put £98K...?

superdon

hcb42 wrote: »

If you are doing a new mortgage with a new lender, don't you just put £98K...?

They ask for outstanding balance on existing mortgage?

superdon

Just another thought on this. We pay around £250 a month into our savings. This shows as a debit on our joint current account. Will they want to see proof of the balance of those savings?

Its just that, if we do use savings topay for these improvements now there will obviously be a large withdrawal. Will they ask what for? The savings have to be withdrawn into our current account so a large credit will also appear.

Am I reading too much into this? Or should I see if any family can lend us £5k short term for the improvements so any credits/debits don't show on our accounts?

Really want to get this work one now as we have some good quotes and we think it will help a little with the valuation and finally we just want it done to make our house nicer sooner but don't want to be left without our safety savings.