November 11, 2020 at 12:14 pm #131700
Hi, Has anyone any experience applying to remortgage their home to complete a large extension? Is the process similar to original mortgage application, is 20% deposit of new amount required?November 30, 2020 at 6:11 pm #135417
Re-mortgaging can be a bit of a hassle at the best of times however it is likely that your request would meet the initial criteria of most lenders as the additional money would be going back into the house. This will likely have a positive effect on the value of your home and I would have thought they would regard this as low risk. Clearly the loan to value ratio of the new mortgage could be important if your existing loan is close to the mortgage providers limits.
An accredited independent mortgage advisor would be best placed to advise you on the options and whether a deposit would be needed as it will vary depending on the lender.
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