Remortgaging for extensions confused!!

chriz1

Hi all

We own a 3 bed detached, we wish to add a 2 story extension mainly for an extra bedroom.
Our outstanding balance on the mortgage is £141000, we paid £168000 for the home 4 years ago.
We have had the house valued at £190000.
We wish to remortgage to this recent valuation to use the extra equity to fund an extension.
Now wether it will fund it all is a seperate question for later. But for now how does it generally work ?
We are with nationwide and when I asked To see a mortgage advisor I was told
I have to fill out a DIP first which I did not want to do yet as it hits your credit score.
Can anyone advise please I am no good understanding these things !

Thrugelmir

chriz1 wrote: »

We wish to remortgage to this recent valuation to use the extra equity to fund an extension.

A lender isn't going to release equity up to £190k. What's the total cost of the building works including fees etc.

chriz1

This is the thing, I haven!!!8217;t had a proper estimate but for the size we want and a quick chat with a local builder it would be in the region of £45k this is why I wanted to see a mortgage advisor before hand to see their criteria about this sort of thing

poppy10_2

£45k would be very cheap for a two storey extension