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!
House/mortgage development question
cumbrian_blue
Posts: 21 Forumite
Hi.
Sorry if this has been asked before so feel free to ignore if me asking again If it offends you.
My question is :
We have a 2 bed home which we are looking to extend or convert the loft to give us another bedroom.The house is worth £135000 and we have around 25000 equity in it so around 88% ish ltv. So not quite enough to remortgage for the home improvements.
If we got a further bedroom the house would say be worth a ball park figure of 145000 giving us an extra 10k to spend and around 90% ltv. Would mortgage companies lend us the money to do the improvements based on it being worth 145k when it's finished even though at present the house is only worth 135k ?
Hope this makes sense.
Mike
Sorry if this has been asked before so feel free to ignore if me asking again If it offends you.
My question is :
We have a 2 bed home which we are looking to extend or convert the loft to give us another bedroom.The house is worth £135000 and we have around 25000 equity in it so around 88% ish ltv. So not quite enough to remortgage for the home improvements.
If we got a further bedroom the house would say be worth a ball park figure of 145000 giving us an extra 10k to spend and around 90% ltv. Would mortgage companies lend us the money to do the improvements based on it being worth 145k when it's finished even though at present the house is only worth 135k ?
Hope this makes sense.
Mike
0
Comments
-
No, they won't. Only work of current value as there is no guarantee you will start and finish the conversion.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.5K Banking & Borrowing
- 253.7K Reduce Debt & Boost Income
- 454.5K Spending & Discounts
- 245.5K Work, Benefits & Business
- 601.4K Mortgages, Homes & Bills
- 177.6K Life & Family
- 259.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards