Crosswords1 min ago
Re-Morgage - Advice?! After An Extension
2 Answers
Hi,
We have just started an extension to our three bed semi. Currently the house is worth approximately £215k, we have a Santander mortgage at 4.99% that has just come out of it's better rate, with £176k left to pay over 29 years.
The extension is being funded by us using savings and we hope (!) that the value of the property after this extension will be around £275k (based on estimates from local estate agent).
I have two questions...
1) Does anybody know of any independent (ish) mortgage advisors who do not charge? We used to use one through a local estate agent but it now seems they all charge for this service?
2) Is it possible to re-mortgage BEFORE the extension is completed, or are we stuck paying Santander for another 4 months at this high 4.99% rate until the extension is completed and we can then re-mortgage, based on the new higher property value?
Thanks!
We have just started an extension to our three bed semi. Currently the house is worth approximately £215k, we have a Santander mortgage at 4.99% that has just come out of it's better rate, with £176k left to pay over 29 years.
The extension is being funded by us using savings and we hope (!) that the value of the property after this extension will be around £275k (based on estimates from local estate agent).
I have two questions...
1) Does anybody know of any independent (ish) mortgage advisors who do not charge? We used to use one through a local estate agent but it now seems they all charge for this service?
2) Is it possible to re-mortgage BEFORE the extension is completed, or are we stuck paying Santander for another 4 months at this high 4.99% rate until the extension is completed and we can then re-mortgage, based on the new higher property value?
Thanks!
Answers
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Have a look at the above page, it sshow some providers giving reasonable rates for loans where the LTV is over 80%. It may pay to speak to some of them rather than pay a broker. Most of the best rates are at between 60% to 70% of LTV. If your estate agent is right and the value increses to £275000, it may pay to wait until the work is complete, but on the other hand those offers may not be there by then.
You will have to weigh up the options.
Have a look at the above page, it sshow some providers giving reasonable rates for loans where the LTV is over 80%. It may pay to speak to some of them rather than pay a broker. Most of the best rates are at between 60% to 70% of LTV. If your estate agent is right and the value increses to £275000, it may pay to wait until the work is complete, but on the other hand those offers may not be there by then.
You will have to weigh up the options.
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