Remortgage for home improvements

connundrum

Howdy,

Considering the option of a remortgage on our property to free up equity for home improvements (and/or other bits).

Has anyone been through the process of late?

I’d the idea that one would apply for the remortgage, be granted the affordable equity amount and then be able to work away with it. There seems to be more involved now with pre-valuation, post-valuation, engineer/architect sign off, staged release of funds etc.

What if we wanted to use a portion of the money for a car etc?

I just want to see what someone’s real life experience looked like before we go headlong into this.

Cheers,

Dave

jlm29

If you want a car, get a car loan. It’s not 2006 now, The days of people buying cars with mortgage money are long gone. Why would you want to pay for a car over a period of 10+ years???
Anyhow.
We did a re-mortgage/ equity release recently for home improvements. It took bloody ages, and I don’t know if it was worth the hassle (and the cost) for what we will save on interest over a personal loan, but it’s handy not to be under pressure to pay back over 7 years.
We went in and applied for x amount. They did up our application based on salaries, affordability etc. Draw down was on invoices, we didn’t need an engineer to sign off, but I think that’s because we weren’t getting too much money, and because our LTV was very low.

jlm29

Oh yes, we did also have to get a valuation, but again, just one for the mortgage papers, we didn’t have to get it re-valued afterwards.
We had the option of drawing down in 2 stages. The first stage had to be at least 20k.
I (obviously) don’t know how much you’re thinking of borrowing, but it has to be at least 25k to qualify for mortgage interest rates

spockety

Sent you a PM.