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Property/DIY

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replacing kitchen on mortgage

2 replies

crazypaving · 16/12/2012 10:05

we moved into a house that hadn't been touched, decor-wise, since 1969 last year. we stripped it out, plastered, recarpeted, put a bathroom in upstairs and then ran out of cash. the house desperately needs a new kitchen and our plan is to knock the wall down between the kitchen and dining room to create a shiny new kitchen diner.

our mortgage is up in Sept this year and we're wondering if it'll be possible to add this job to our mortgage. what do we need to have organised before we approach mortgage companies with this plan? I assume we need some sort of evidence that it'll add to the value of the house? any idea how we do that? or is it unlikely that a mortgage company will go for it and therefore pointless?

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notcitrus · 16/12/2012 10:33

We've just remortgaged and borrowed an extra 50k for kitchen rebuilding. All the banks cared about was our equity, and rough value of the house, though some had to calculate it separately in a tedious way. If you have at least 20% equity you're probably fine.

crazypaving · 16/12/2012 10:44

hmm think we're on about 15% so could be slightly dicey?

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