New mortgage for a renovation

PaulineLiverpool

Hi,

Following a family bereavement two years ago I have inherited a property which I have been living in for the last year. It has been some time since the property had any money spent on it and I am planning on some building works to extend and improve the place. So, whilst I own the house outright, I need to apply for a mortgage for the works. I'm not a first time buyer (about 20 years ago I had a house for about 5 years, then sold it and rented in-between), I'm not a house mover, and technically I'm not re-mortgaging either, although I think this is probably my status when applying for the mortgage - can anyone advise if this is the most appropriate option?

The house is currently worth £230,000 and I am looking to borrow £150,000, but this is to cover furnishings as well as the building works so the final value is likely to be around £330-350,000.
Is there anything else I should be considering, given my circumstances are not standard?

many thanks

simon_or

You're right, it's called a remortgage. If you can afford a 150k mortgage based on your income, it should be a straightforward exercise.

Martico

Strictly speaking, I think it's called a Capital Raising Mortgage - a remortgage would be if you already have a mortgage and want to switch it up. Either way, it shouldn't be too much of an issue 

kingstreet

It's a remortgage of an unencumbered property. I wouldn't use the expression capital raising as the funds are to be used for improvement purposes and not non-related issues.