Remortgage garytracy1

Hi Guys

I want to have an extension put onto my house and wanted the equity available on the house to pay for it.

I rang my mortgage for advice on this and they listed it as 'additional borrowing'.

Now my house is worth around £75000 and I have just under £50k owing.

Now they will only let me have 90% of the available equity which brings it to £22500 available.

I asked for my partners wages to be part of the repayments but since she has only just started work (2months ago) they wont take her salary into consideration until she has a 1 years worth of wage slips!!

Can I move to a different mortgage company and have a 90% mortgage and use part of it for the £50000 mortgage to pay off my previous mortgage company and have the £22500 straight away and not have to wait for a years worth of my partners salary?

Many thanks for any help


I do not understand your figures.

When remortgaging, you can typically go to 90% of the property value.

So £67,500 would be the maximum mortgage minus the £50,000 you already have would give you £17,500 for the extension.

Those figures are subject to your income and expenditure stacking up.

Other lenders may accept your partners income but you would still be limited by the lenders maximum LTV, the property value and the income and affordability assessment.

If you move lender, you will apply for the amount you want.

The new lender will then pay that money to your solicitors. Your solicitors will then pay your current lender what they are due and any excess will be paid to you.

It looks like the answer to your question is yes but thought I would break it down to be sure.

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