Re-mortgage questions

[Honeymum]

We bought our house 20 months ago on a 3 year fixed rate mortage. We borrowed as much as we needed to buy the house and ended up using savings to pay for fees and some initial work on the house including re-wiring that came to about 5k in total. Since then we've borrowed a little from parents to pay for renovations to the windows and a new boiler. Our initial idea was to save and do things as we could afford to but we've come to realise that we can't live with the nasty bathroom for much longer and it would be good to revamp the kitchen/extend into the utility too.

So, I enquired about some additional borrowing from the current lender but this would tie us in for at least 9 months beyond the end of our current deal (which I think we can improve on when we come to the end of our initial deal in March 2013).

I am thinking of asking my dad to lend us the money to do the bathroom and kitchen in the meantime, but I need to know if we'll be able to borrow more than we are doing currently when we remortgage so that we can pay him back.

I think that in terms of what the bank/building soc think we can afford to repay we'll be fine. It's just that if the work is already done, how do we ask for more than our existing mortgage.

Any thoughts, wise mumsnetters?

The main criteria for lending are a) the amount borrowed is covered by the value of the mortgaged property and b) the applicant's income means they afford the repayments.

Example. If a property is worth £200k with a £100k mortgage on it, and if the borrowers meet the income criteria, the bank would be quite happy to lend another £10k, for example. The mortgage would go from being 50% of the value to 55% of the value.

If, however, the property is worth £200k, there is a £100k mortgage and the borrowers want to increase that to £180k then the bank will take a view that going from a 50% to a 90% mortgage will mean they have to charge more interest. Or they may decide that the borrowers' income would not sustain a £180k mortgage

You don't have to itemise why you need more money when remortgaging.

Thanks Cogito. As long as we don't have to say we've already had the work done then that will be fine.