NR remortgage - timing

Spork

Hello all,

Bit of quick advice needed - we want to have some renovations done to our flat (new kitchen/bathroom/rewiring etc.) which will cost just under £30k. We are about 3 years into a 5 year fixed deal with NR at 5.8% (or something close to that) with £59k outstanding. The flat was valued at £90k when we bought it 5 years ago (for £65k), so I am conservatively thinking it may be worth £100k now (the three flats above us have gone for £120-£130k in the past year). With £30k extra borrowing this will put our LTV at 89%.

Now, I'm wondering if I ought to wait until NR has sorted itself out before I apply to them, plus there has been a change in our circumstances - when we got the (joint) mortgage we were both earning £20k pa each - now I earn £34k pa and my girlfriend is self-employed and would have to self-cert at about £14k pa. We've got no defaults/CCJ etc.

I've got cold feet a bit because of NR current woes, so I just want to ask whether it's a bad time to borrow extra, what sort of risk we are, what sort of rate I would get and how long it would take to go through.

thanks!