Mortgage question

[Moominho]

I know this should be simple but I am a little confused. I bought my house for £200,000, but it was it was in very bad condition and worth about £60,000 less than others on the street. I have now refurbished it and it is worth quite a bit more.

My initial mortgage is ready to be renewed, my mortgage is 150,000 which was 75% LTV. Is it possible to get a mortgage with the same LTV and release some equity from the house, as it is now worth more. If so how do I go about this with the mortgage companies.

Any advice is much appreciated.

[vinnie83]

Moominho said:

I know this should be simple but I am a little confused. I bought my house for £200,000, but it was it was in very bad condition and worth about £60,000 less than others on the street. I have now refurbished it and it is worth quite a bit more.

My initial mortgage is ready to be renewed, my mortgage is 150,000 which was 75% LTV. Is it possible to get a mortgage with the same LTV and release some equity from the house, as it is now worth more. If so how do I go about this with the mortgage companies.

Any advice is much appreciated.

Yes, that can be done.

You simply state the new value of the property as it's value to the mortgage company, therefore you can borrow at the same percentage again.

I'm a mortgage broker - if you have any questions feel free to PM me.

[Moominho]

Cheers for that, much appreciated. I'll be in touch.