90%.mortgage for extension

Guru8619

Hi,

I have never remortgaged for additional borrowing so don't know the rules, Google seems to give different results.

We are looking to extend our house for more space and bedrooms. We have had the house valued and we have a bit of equity. How much do mortgage lenders allow LTV when doing additional borrowing?

Is it a maximum of 80% across all lenders or do some go to 90%?

Thanks in advance.

kingstreet

Some will do upto 90% of current value for home improvements.

amnblog

What you consider value is likely to be higher than what the Lenders considers value

Guru8619

Thanks. Do lenders send out a valuer on these circumstances or do they just do the desktop valuation?

kingstreet

Guru8619 said:

Thanks. Do lenders send out a valuer on these circumstances or do they just do the desktop valuation?

At 90% I'd expect a physical inspection.

Guru8619

kingstreet said:

Guru8619 said:

Thanks. Do lenders send out a valuer on these circumstances or do they just do the desktop valuation?

At 90% I'd expect a physical inspection.

I guess that goes in our favour. Thanks for taking time to reply