Hi,
The scenario is as follows:
We have been approved for a 430K 100% mortgage (or a 92 % 395.6K mortgage off which we do have the deposit).
The house requires modernisation and we would like to build a kitchen extension on to the house however if we go down the safer option of 92% then we don't have the funds to build.
(The house is fully and comfortably 'liveable' in at the moment)
Questions we are debating (aside from the increased p/m repayment of a 100% mortgage)
1) If we decide to extend will the newly extended house value reflect the modernisation?
2) Would it be better to leave the extension for a year - select the 92% mortgage (with its lower repayments) - and then review the (hopefully) increased house value and borrow against it to build the extension.
I know the above is completely based on the existing market and almost 'what if' however if you can pose any further questions or let me know of your experience it may help help us to resolve our 'situation'.!
Many Thanks
bizz1
The scenario is as follows:
We have been approved for a 430K 100% mortgage (or a 92 % 395.6K mortgage off which we do have the deposit).
The house requires modernisation and we would like to build a kitchen extension on to the house however if we go down the safer option of 92% then we don't have the funds to build.
(The house is fully and comfortably 'liveable' in at the moment)
Questions we are debating (aside from the increased p/m repayment of a 100% mortgage)
1) If we decide to extend will the newly extended house value reflect the modernisation?
2) Would it be better to leave the extension for a year - select the 92% mortgage (with its lower repayments) - and then review the (hopefully) increased house value and borrow against it to build the extension.
I know the above is completely based on the existing market and almost 'what if' however if you can pose any further questions or let me know of your experience it may help help us to resolve our 'situation'.!
Many Thanks
bizz1