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NotThamesWater
Just looking to get some thoughts on possibilities.
I bought a flat (top half of a Victorian terrace) 6 years ago.
My mortgage is up for renewal
Flat value has increased significantly so LTV will be decent in terms of getting a new deal (lower than 50% I reckon).
Some work needs doing to the roof of the house. I believe, although I haven't checked the terms recently, that I'm solely responsible for costs of the roof.
I'm thinking that as it looks like I'll have scaffolding up, etc that it may be worth a loft conversion.
Loft conversion will probably add another 30% or so to the flat's square footage.
What I'm pondering is mortgage/financing.
Get a new mortgage now, pay for the loft conversion from savings.
Pay for the loft conversion from savings, get a new mortgage after (I imagine better rates as increased LTV)
Increase the mortgage to fund the loft conversion.
Paying from savings is probably manageable but will be a little tight.
How amenable are lenders to increase mortgages for things like loft conversions?
Any thoughts?