Increasing a mortgage for an extension

davelees215

We own a house near Leeds and are considering getting an extension to accommodate our family, only I have little idea whether it is possible to extend the mortgage.
Our current deal expires in September next year and by then we'll have approx 85k remaining on our mortgage for a house we bought 6 years ago for 145k and we have about 5k savings. Guesses from people I know in the building trade for the extension we'd like is around 15k, perhaps up to 20k by the time we have decorated etc, but we have't yet got any quotes.
Before I get quotes is it actually possible to get our next mortgage deal to be for more money, given we have reasonable equity or is the only way to go by getting some sort of secured loan.

Thrugelmir

Cost fully what you plan to do before proceeding. I'd never rely on guesses.

amnblog

You could consider remortgaging for more money. Getting extra from your current lender. Apply for a second charge loan.

The best option for you depends on your circumstances but there does seem to be enough equity there.

davelees215

So to remortgage do I need to wait for my current deal to expire. Not too much of a problem as it expires in September and we're not in a rush. Is this reasonably straightforward to do? Would they pay the extra mortgage we'll take out straight to the builders and do they need to see plans etc.
Sorry if my questions seem a bit stupid but I've really no idea how any of this works.

xyz123

davelees215 wrote: »

So to remortgage do I need to wait for my current deal to expire. Not too much of a problem as it expires in September and we're not in a rush. Is this reasonably straightforward to do? Would they pay the extra mortgage we'll take out straight to the builders and do they need to see plans etc.
Sorry if my questions seem a bit stupid but I've really no idea how any of this works.

Depends on ur current lander. You don't have to wait for mortgage to end. Best bet is to get more accurate estimate and then talk to your lander.