| Property | Three-bedroom semi-detached house |
|---|---|
| Location | Headingley, Leeds |
| Client | NHS consultant and part-time teacher |
| Product | Remortgage |
The challenge
The homeowners wanted to release £90,000 for a loft conversion. Their existing lender would only lend a smaller further advance and wanted a full new application on the larger amount.
What we did
We compared a further advance with a full remortgage, including the cost of any early repayment charge. Their fixed rate was close to ending, so a full remortgage became the stronger option. We provided builders' quotes and planning details, as lenders usually ask how home-improvement funds will be used.
The outcome
The remortgage completed at 69% loan to value, releasing the funds needed for the extension with one monthly payment.
Remortgage adviceSwitch to a new deal, release equity or change terms when your current mortgage deal ends.
Learn moreImportant: Your home may be repossessed if you do not keep up repayments on your mortgage. There may be a fee for mortgage advice: up to 1% of the loan, typically £500.