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Remortgage
kev25v6
Posts: 242 Forumite
We are looking to remortgage the house to get some money for an extension and refurb. House is worth about 130k and we owe about 85k with 10years left to pay. How does it normally work? Can we only borrow around 123k to leave it as 10% LTV or borrow 130k based on the extension adding money onto the house? Got around 25k in savings to go towards it, is this taken into account with amount available to borrow?
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Comments
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Current value will determine amount that can be advanced.
As the funds are to improve the property. You will find the LTV capped possibly around the 80% to 85% level.
Is your current mortgage on an interest only basis ?0 -
Current mortgage is capital & interest repayment on standard variable rate with no fees.0
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The extended property does not exist, so you cannot borrow against it.
You can only borrow against the property as is.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
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