Remortgaging After Home Improvements

tea_n_toast

Good morning

I hope this is the correct board to post this in.

We recently purchased a house which needs an extension plus extensive internal modernisation. We plan to focus on the extension first and do the rest at a later date. We will add two bedrooms and a bathroom as well as possibly a garage.

There isn't anywhere near enough equity in the property to remortgage now and use those funds to do the work so we plan to do a combination of saving and a loan.

What I want to ask is once the house is done and the value has increased (obviously at this stage I can't say how much by) but IF there is enough value there to bring the LTV to the 85% the bank will lend on can we then remortgage to pay off the loan(s) taken to do the work? I did speak to the mortgage provider and the said something about it being a debt consolidation loan so only being able to take it on a ten year term but I'm not sure he really understood what I meant.

Any thoughts greatly appreciated.

Thank you