Additional borrowing on mortgage - Timing and Documents

[xyz123]

Hi, we have about 90k mortgage left on a property worth around £450k in London. fixed deal is coming to an end in November.

We are looking to get loft conversion done in March/April next year and will need to borrow additional £35k. Thankfully We both have full time permanent jobs so affordability shouldn't be a problem.

Question is on timing, can i borrow additional money when I remortgage in November and then use it for the loft conversion in March when I need it or do I have to remortgage and then borrow more money in March. I know we will be paying interest for 3/4 months when we don't need money but it will Make it easier to get it all done in one go and also not be possibly on two different rates.

Secondly for additional borrowing, what documents do I need to show? I don't mean payslips etc but more like any planning permission, architecture drawings etc.

Thanks

[Sarnie]

You can have the funds when you remortgage in November.......£35k isn't significant.........you'd be unlucky to stumble across an underwriter wanting planning permission or drawings for an amount under 10% of the properties value......

[Killer2005]

Sarnie said:

You can have the funds when you remortgage in November.......£35k isn't significant.........you'd be unlucky to stumble across an underwriter wanting planning permission or drawings for an amount under 10% of the properties value......

This. A sensible underwriter wouldn't be asking for anything for that unless they had concerns.

[toon10]

I recently changed my mortgage when my deal was up and added another £20k on for a garage conversion. The mortgage bit was easy. I just told my advisor what it was for and he sorted it all out. We have lots of equity in the house and both of us are good earners with job security. I was told the mortgage company would only be concerned about recouping their money ig things went bang and as we are low risk with positive equity, it was just a paperwork exercise.

[xyz123]

Thank you for your replies.

[Sarnie]

anonymous said:

[redacted]

No. Residential mortgages are specifically to be for your main residence, when you tell them your plans, which are not not live in their security address, they will say no.

Just take out a LTB product and do it properly.....difference in rates is negligible....

[Sarnie]

anonymous said:

[redacted]

Your posts are contradicting each other.......first one said "Think about buying our next home and hanging on to this one"......the post above says that you want to mortgage your current property to buy a BTL.......which is it?

[Sarnie]

anonymous said:

[redacted]

Yes, if it's to be rented out.......beware though, if the BTL is bigger than your property, more expensive and has more rooms than yours, they are likely to decline......on the basis that it would look like you were going to move into that property and rent out their security address.......