Releasing Home Equity when Remortgaging

timPgoodwin

Hello,
Sorry if i don't give all the information pertinent to this query, feel free to prompt me with anything I should be stating.

Basically I am due to remortgage in February of next year (my first remortgage since purchasing the house) the house was bought for £260k with a 25% deposit of 65k (LTV of 75%) we have been paying £800 a month on a 35 year mortgage on a 2 year fixed rate so our LTV when we come to remortgage will be around 72/73%

Our plan is to, build an extension which would give us a bigger kitchen space with a conservatory/orangery attached, we are looking to fund this through releasing equity/loaning the money from the mortgage so essentially raising our LTV and repaying it through the mortgage from February.

Just looking for advise on this really, is it in the first instance something we would be able to do when remortgaging? would have a detrimental impact on our repayments?

The home we bought was valued at £290k when we bought it for £260k and we have made significant improvements to the house so envisage if we had the home revalue it would be around the £300k - Would this have an impact?

Any help, advise and personal experience of similar to the above is much appreciated. Feel free to ask any questions and thanks in advance.

Tim.