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    • broono83
    • By broono83 17th Apr 18, 9:24 AM
    • 1Posts
    • 0Thanks
    Remortgage With Additional Borrowing Questions
    • #1
    • 17th Apr 18, 9:24 AM
    Remortgage With Additional Borrowing Questions 17th Apr 18 at 9:24 AM

    Mortgage deal has ended with Santander, looking to remortgage to Nationwide (my bank) or Halifax. Looking to raise an extra 35-40k for home improvements - current mortgage is at 156k and estimate the house value to be 230k so 195k would put us at 85% LTV so that's probably the max (39k additional borrowing).

    Affordability wise this is fine for me and the detailed quote calculators for both sites indicate I could lend this much. I also want to reduce the term of my current mortgage (30 years remaining) to 25 - although this doesn't seem matter with a remotgage?

    My questions are:

    Do the lenders need proof of what sort of improvements you are doing (eg drawings, quotes etc..) or even receipts/evidence after the fact? I've only had preliminary discussions with 1 builder so far but keen to apply for the mortgage ASAP as deal finished on 3rd April.

    Secondly what about if I say its for non structural improvements (as plans not finalised), is there any difference in approval? Nationwide only seem to have limits on Debt Consolidation or "Other Personal Purchase" of 10k.

    Do the mortgage company really mind what the money is for (within reason obviosuly! ) as long as I can repay it?

    Thanks in advance
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