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Re-mortgage now or later
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Mickhenda
Posts: 1 Newbie
Looking for some advice on re-mortgaging for a house extension.
We are looking to borrow an additional £72k to extend our house. Current house value around £230k, current mortgage outstanding £94k & we have no tie ins. As our chosen builder cannot start until next April, which is fine by us. My question is should I either… A. re mortgage now & sit on the cash for six months. B. Wait six months then re-mortgage when the project is due to start or C. Re-mortgage now against our current £94k balance then borrow the additional funds with our new lender in six months’ time?
We are looking to borrow an additional £72k to extend our house. Current house value around £230k, current mortgage outstanding £94k & we have no tie ins. As our chosen builder cannot start until next April, which is fine by us. My question is should I either… A. re mortgage now & sit on the cash for six months. B. Wait six months then re-mortgage when the project is due to start or C. Re-mortgage now against our current £94k balance then borrow the additional funds with our new lender in six months’ time?
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