Remortgage for Higher

plunt

any idea on how easy it will be to increasing borrowings when remortgaging, current ltv is about 40% but want to increase it to say 55% , this will be an offset mortgage so will just stick it in an account and move it around if better savings rates open up. assuming they arent going to like that reason though!

SavingSteve

They will ask for your reasoning. I don't think most will accept your suggestions. Renovations are usually acceptable, but they'll likely want to see estimates. If you speak to a broker they'll be able to tell you what is acceptable, and what evidence they'll want to see.

plunt

hmmm well i have been able to stooze about 5k on a santander card so i guess i can say part of it will be used to pay of debt. but will the hurt my application?


Also at the time my parents gifted me extra cash for the deposit due to my lower salary, i would like to repay that back as my salary has since increase

kev25v6

The banks don't like debt consolidation as part of the mortgage. Get some quotes for a new kitchen, bathroom, roof etc and use that as why you want the money. They want it down to the last pound, you can't borrow exactly 100,000, it has to be your mortgage plus all your quotes which come to "99,846". Seems a bad way of how to get at your own money in the house but they are very picky.

Contemptuous

kev25v6 wrote: »

The banks don't like debt consolidation as part of the mortgage. Get some quotes for a new kitchen, bathroom, roof etc and use that as why you want the money. They want it down to the last pound, you can't borrow exactly 100,000, it has to be your mortgage plus all your quotes which come to "99,846". Seems a bad way of how to get at your own money in the house but they are very picky.

Sorry but this isn't right at all.
There are high street lenders who will happily agree to debt consolidation within reason, and of course you can borrow round numbers. Not to mention suggesting the OP commit fraud by lying about their intentions..

kev25v6

Just going through a remortgage now and the first thing they asked about us borrowing extra was " is it for debt consolidation because that isn't a good idea to do and the rates would be higher if they allowed it". Luckily ours is for an extension and no debts but they still want every quote first even though the costs can change as well as the planning for how the money will be spent.

minimike2

kev25v6 wrote: »

Just going through a remortgage now and the first thing they asked about us borrowing extra was " is it for debt consolidation because that isn't a good idea to do and the rates would be higher if they allowed it". Luckily ours is for an extension and no debts but they still want every quote first even though the costs can change as well as the planning for how the money will be spent.

Not all lenders are the same.