Additional borrowing mortgage

[Renovationhell]

Hi.

I need to borrow some more money on my mortgage to finish (or at least make more livable!)

I have 5k in savings and probably need to borrow 20k-30k.

Im really worried about the valuation. The house is half finished and a mess so I can’t imagine the valuation would be great. Do they take into account the fact I’m borrowing money to fix it?

Im tempted to spend the 5k doing a few jobs to try and make it a bit less scruffy looking before the valuation. Probably rendering as the brickwork is terrible. Would this be a sensible idea?

thanks!

What's your loan to value at the moment? How long have you owned it? Do you earn enough to borrow more.

When does your current deal end?

They will take into consideration the value after improvements are made.

A broker will be able to get you the best deal.

Thank you.

I currently owe £180k. House worth approx £250/£260k according to zoopla. Estate agent thought £280k but there’s not much to compare to.
Owned 5 years.

I think I earn enough to cover the extra, how would I find out?

I can’t change lender, I’m locked in for 5 years so need to approach existing one which makes it harder as if they say no I’m stuck!

Sounds like you’ll be fine. Don’t spend the £5k when you don’t need to.