Mortgage borrowing & extensions
Discussion
We are coming up to remortgage time and are looking at extending the house. At the moment we are at 80% LTV on our current mortgage and the works will come up at 80/90k (and add approx 100k to the house value). Borrowing that against the current value would exceed 100% LTV until the works were completed.
I can get funds for the mortgage from elsewhere, thought this will cause a significant lot of hassle and it's money which is more use in the business at the moment.
Is it possible to borrow additional on a mortgage against final value of a house once the extension works have been performed? I.e. borrow against plans?
I know this is a discussion to have with some brokers but I wondered if there was any PH experience or know-how in tis area first.
Thanks.
I can get funds for the mortgage from elsewhere, thought this will cause a significant lot of hassle and it's money which is more use in the business at the moment.
Is it possible to borrow additional on a mortgage against final value of a house once the extension works have been performed? I.e. borrow against plans?
I know this is a discussion to have with some brokers but I wondered if there was any PH experience or know-how in tis area first.
Thanks.
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