mickie smyth
New Member
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- 1
Hi folks,
We are about to start the process of switching, but we also want to take core of some renovations / extensions in the process.
Our outstanding mortgage is about 250,000 and we would be looking for approximately 100k for the works. A current ballpark estimate of the house valuation is 550,000 but I would need to get a valuation done to be exact on this. If my guesses are correct though, the LTV on this would be 63% or thereabouts and bring us over a number of LTV < 60% bands offered by the banks.
Has anyone ever heard of LTV bands being evaluated with respect to the estimated value post works if the extra cash is to put on an extension? We are planning on getting the kitchen extended a bit, which most valuers would really estimate would increase a house value.
I'm guessing the answer to this is no, but any tips around this would be great.
Mickie
We are about to start the process of switching, but we also want to take core of some renovations / extensions in the process.
Our outstanding mortgage is about 250,000 and we would be looking for approximately 100k for the works. A current ballpark estimate of the house valuation is 550,000 but I would need to get a valuation done to be exact on this. If my guesses are correct though, the LTV on this would be 63% or thereabouts and bring us over a number of LTV < 60% bands offered by the banks.
Has anyone ever heard of LTV bands being evaluated with respect to the estimated value post works if the extra cash is to put on an extension? We are planning on getting the kitchen extended a bit, which most valuers would really estimate would increase a house value.
I'm guessing the answer to this is no, but any tips around this would be great.
Mickie