Hi- we have just bought an old house. It will require extensive rennovation over a 12 month period. We are planning on funding this rennovation by taking equity out of another property we own. So far we have been concerned with getting the mortgage for the new property etc.. however with an interest rate rise on the horizon do we need to agree and sign the top up mortgage for the rennovation? We would not be looking to draw down the first part of this for at least 4/ 5 months? Would they agree to lock us in at an interest rate now but not draw down till later?
Also we are planning ont aking out equity of +100k- to do this do we need to let them know why ie will they start looking at the plans for the property we are rennovating etc.. How much will they need to know? Think part of the issue is that the mortgages are currently with seperate banks.
Advice appreciated!
Also we are planning ont aking out equity of +100k- to do this do we need to let them know why ie will they start looking at the plans for the property we are rennovating etc.. How much will they need to know? Think part of the issue is that the mortgages are currently with seperate banks.
Advice appreciated!