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By (user no longer on site) OP
over a year ago
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Hi folks. 1st of yes I know seek expert advice.
I’ve one question. If I do done renovations works can I remortgage my property to get money out of it gir the repairs? |
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By (user no longer on site) OP
over a year ago
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"Provided the property has sufficient equity then in short, yes*.
*It will depend on things like income, dependants and affordability etc. "
Hey David. Defo enough equity in the property.
Current value £100k
Mortgage owed £58k
Value after Works £120k
Cost of works £10k
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By (user no longer on site)
over a year ago
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Phone your mortgage lender and tell you want to make improvements on your property and want to borrow more for it. They'll do their checks (your income, expenditure, existing LVT, etc.) and tell you how much more they're prepared to lend you and at what interest rate. Then it's over to you to make your decisions. |
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"Phone your mortgage lender and tell you want to make improvements on your property and want to borrow more for it. They'll do their checks (your income, expenditure, existing LVT, etc.) and tell you how much more they're prepared to lend you and at what interest rate. Then it's over to you to make your decisions."
This seems to be the obvious route to answer to the question definitively. |
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By (user no longer on site)
over a year ago
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"Phone your mortgage lender and tell you want to make improvements on your property and want to borrow more for it. They'll do their checks (your income, expenditure, existing LVT, etc.) and tell you how much more they're prepared to lend you and at what interest rate. Then it's over to you to make your decisions."
LTV meant to say.
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By (user no longer on site) OP
over a year ago
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"Phone your mortgage lender and tell you want to make improvements on your property and want to borrow more for it. They'll do their checks (your income, expenditure, existing LVT, etc.) and tell you how much more they're prepared to lend you and at what interest rate. Then it's over to you to make your decisions.LTV meant to say."
Thanks. I will call them. I would just seeking some outline advice.
Much appreciated |
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By (user no longer on site)
over a year ago
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"Phone your mortgage lender and tell you want to make improvements on your property and want to borrow more for it. They'll do their checks (your income, expenditure, existing LVT, etc.) and tell you how much more they're prepared to lend you and at what interest rate. Then it's over to you to make your decisions.LTV meant to say.
Thanks. I will call them. I would just seeking some outline advice.
Much appreciated "
Most lenders are prepared to lend up to 90% of the present value of the property. That's including what you owe already plus additional borrowing. Best to speak with them so you'll know how much and at what cost. |
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By (user no longer on site) OP
over a year ago
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"You can also shop around if not tied in - most provide online mortgage calculators to give an indication of what rates are available. "
Thanks David |
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By (user no longer on site)
over a year ago
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"You can also shop around if not tied in - most provide online mortgage calculators to give an indication of what rates are available.
Thanks David "
Dave is your man   |
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You can, depending on lender, borrow up to 5x salary.
If, and this prob isn't the case for you, you do not have a large enough income you can go down the buy to let avenue.
Up to 75%of value as long as the rent charged covers the lenders stress test.
For you, as long as you don't have too much debt you could remortgage 100k reasonably easily. BTL would be 80k.
Get it on a fixed rate if you want to iron out any bumps in the interest rate later. |
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