Home improvement borrowing

Stoneloc

Morning,

Looking for some advice. Remortgage due in March (with Santander). I have a house that's worth circa £625k by then. There is 100k equity in the house. An extension that will cost £125k will make the house worth £825 ishk (im a Surveyor so have a good idea on local values, based on a neighbours identical works) Im on 150k, wife now looking after baby. have 30k personal debt (will be 15-20k by remortgage time, clear by the summer. All one interest free credit cards) Based on these circumstances, Is there a way to borrow 125k based on my circumstances ?!

First post, Many thanks in advance !

amnblog

Not against this property.

Stoneloc

so what advice would you have to achieving my goal, do i have to wait for a better LTV, can i get a loan or second charge elsewhere and then just clear by a remortgage after works ?

assimilate_2

I think amnblog told you not against the house because you stated you have equity of 100k but want to borrow 125k ? thereby extracting all what you own and more, so the lender will own the property as freehold thus no benefit for them.