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Remortgaging for an house extension
Tino2385
Posts: 10 Forumite
Hi Guys,
Just looking for a bit of an advice to anyone who has remortgaged and borrowed more for home improvements, by this I mean a large extension rather than just a small project.
Our Mortgage comes to an end in about 18 months.
House worth is roughly about 300k
Currently the mortgage value sits at 185k our LTV was about 66% originally.
When we took out the mortgage our joint income was around 60k we now earn 80k.
We're thinking the extension is going cost between 80-100k so we'd be at a 85-90% LTV
We always planned on extending but the other half feels we should wait a few more years and hopefully get another decent fixed 4 year rate first and make extra payments. (Which we will do either way)
I live in a bit of world where I think we may as well plan it for when ours comes to an end as I'd prefer to make the most of the house whilst were still around.
Just wondering if anyone has remortgaged for this type of project and wether they had any troubles or wish they had prolonged it?
Just looking for a bit of an advice to anyone who has remortgaged and borrowed more for home improvements, by this I mean a large extension rather than just a small project.
Our Mortgage comes to an end in about 18 months.
House worth is roughly about 300k
Currently the mortgage value sits at 185k our LTV was about 66% originally.
When we took out the mortgage our joint income was around 60k we now earn 80k.
We're thinking the extension is going cost between 80-100k so we'd be at a 85-90% LTV
We always planned on extending but the other half feels we should wait a few more years and hopefully get another decent fixed 4 year rate first and make extra payments. (Which we will do either way)
I live in a bit of world where I think we may as well plan it for when ours comes to an end as I'd prefer to make the most of the house whilst were still around.
Just wondering if anyone has remortgaged for this type of project and wether they had any troubles or wish they had prolonged it?
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