Remortgage mid fix with EPC with new lender to build enxtension

Thomo2710

Hi, just looking for a bit of advice please.

Im mid term into a 5 year fix with the West Brom - end date June 2023. (3.09%)

Outstanding balance 104k - EPC 5.5k

Current 3 bed house valued at 225k average off the 3 valuations i have had done

I want to build a 2 storey extension on the side and will require roughly 75k to do so

The west brom will give me the advance at a rate of 2.99% and will put my payments up from 534pcm to a total of 961pcm

With rates currently so low i could get a mortgage with a new lender somewhere in the mid 1%'s for £185k so i could built the extension and pay around £630pcm

Obviously the £330 diff per month would easily cover the EPC of my current fix.

However is this actually possible? Can i get a new mortgage with a new lender to include the extra to build the extension?

Would i be classed as a new mortgage or a re-mortgage with a new lender?

Im read that much online i think ive gotten myself into a muddle on if its possible and if its worth it.

For comparison would cost me 300k for a 4 bed where a i am, and would be nowhere near what i have now with extension, would be looking at 350+ for comparable size and location - which i cant afford.

Many Thanks

foxy-stoat

You would be going from a 46% LTV to 70% LTV remortgage.  I would think your new lender may need to see some quotes for the extension from builders, along with relevant planning permission being in place before they would agree to lender you the £75,000 extra.

dimbo61

You might get a mortgage at a cheaper rate but your still paying the ERC of £5,500 plus remortgage costs.
At 70%LTV if your income is enought it should be possible.
However 2 storey extension for 75,000