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I presume we're technically looking to remortgage? Is this all we need to be saying when we approach our lender? "We're looking to remortgage to pay for some building works"?!
Yep
if approved, is it likely that the lender sends a wodge of cash to your nominated bank account, or are staggered payments more common?
Wodge
(see post 4 up from here)
duncs
This is, I think, a silly question, but if you don't ask...
Looking to carry out some major building works on our home (say £50k in total). We 'own' about 50% of the equity in the house. To pay for the works, we'd like to borrow against the house, probably pushing up our total borrowing to about 60/65% of the value of the house.
So, silly questions:
I presume we're technically looking to remortgage? Is this all we need to be saying when we approach our lender? "We're looking to remortgage to pay for some building works"?!
if approved, is it likely that the lender sends a wodge of cash to your nominated bank account, or are staggered payments more common?