Top up on mortgage for home improvement

[Libretto]

Am going to apply to bank for top on my mortgage of approx 45K for some home improvements eg new kitchen, bathrooms, fitted wardrobes etc.
I have approx 350 -400K equity in my house and am on a half decent salary so not expecting and major issues in terms of meeting the repayments (approx 240 pm over 20 yrs on current variable rates).

Just wondering what sort of info the bank may request re the work being done? I have some quotes from kitchen people/tile shops etc - will that do? Work wont all be done at one time and some of it will be done for cash eg painting of inside and out will be cash 5K.

Thanks

 

[Tired Paul]

In a similar suituation at the moment expect my mortgage is with the local City Council. We are planning an extension and a top up of approx 65K. For this they have requested proposed outline drawings from an architect and a break down of costs from a builder. We are just waiting on the drawings to be completed (next week hopefully) before submission. I know they will require bank statements, savings, loans etc and these will be part of the submission process.

 

[Libretto]

I know they will look for bank statements/salary cert/details of other saving & loans etc. All the work I am getting done is internal and there will be no architect or builder involved so I presume quotes and details of work to be done will suffice?

 

[Tired Paul]

Maybe so but we got a new fitted kitchen last year and we were looking for an unsecured loan of 15k. You'd swear we were asking for the keys to crown jewels. They wanted a quote from the kitchen fitter which came in short of the 15k and we had to explain in detail where the rest of the money was being spent. I explained about painting, tiling etc etc. Got it in the end but they made us work for it - thats with 2 of us working and a perfect credit history.