Will I be able to borrow?

loveyourmoney

Hi all

I am wondering if anyone out there has any advice. I would like to borrow up to £15k to carry out some home improvements, (new roof to existing extension over bathroom, very small new extension, new roof to existing kitchen and extension), all of which are necessary to keep the house in good repair. I got my mortgage in October 2015 based on a £36k salary. My salary is now £24.5 but being based in Bristol the value of my house, I think, has gone up £30k. I have additional income from my partner who pays towards the bills etc. I know the lender will ask questions but as I can't find much information on the lender's website does anyone have any idea whether I will be accepted or not?

I originally bought the house for a cost of £218k with a £68k deposit in October 2015. The amount I owe now is approx. £145,500.

Any advice is welcomed.

Thanks

LYM

ACG

I can not see your mortgage lender giving you anything more. I think you would need to either add your partner or potentially you could look to take out an unsecured loan/credit card or possibly a secured loan.

General rule of thumb is that lenders will lend arund 4-4.5x income. They will not use your partners income unless he is going on the mortgage.

loveyourmoney

ACG wrote: »

I can not see your mortgage lender giving you anything more. I think you would need to either add your partner or potentially you could look to take out an unsecured loan/credit card or possibly a secured loan.

General rule of thumb is that lenders will lend arund 4-4.5x income. They will not use your partners income unless he is going on the mortgage.

Many thanks ACG. Also can I just ask that if I ask my mortgage broker could it harm anything?

ACG

No not at all. Your broker works for you (not the lender) assuming it is a broker.

loveyourmoney

Am assuming that if I ask the mortgage provider themselves - it does?

ACG

To be honest it doesnt really matter in either instance. But you will be wasting your time.

Easiest way is to just check your lenders affordability calculator. Based on your income alone, no major mortgage lender will lend you more than £122k.

loveyourmoney

Thanks ACG for the advice.

Thrugelmir

Save the money up to undertake the repair work in a phased manner.

loveyourmoney

Will builders do that though without charging a huge premium?