Hi all,
Not sure if I'm posting in the right forum, but thinking about doing an extension next year.
Currently have a Tracker with UB and the loan outstanding is about 270K. Repayments are 1300 a month. My question is, is it possible to apply for a top-up on a mortgage - I gather this would have to be at a variable rate - but I don't want to risk losing my tracker and have to re-mortgage. I want a separate loan to cover costs of extension.
House is probably currently valued at 330K - what would I be likely to borrow? Is the LTV calculated at the current value of the house, or the house value after the extension has been completed?
Thanks in advance!