I hope this is the right place to ask.
We are looking at borrowing 100k to build a GF and do some landscaping to the front of the property. We have 45% equity in the existing property conservatively valued at around 460k (last bank valuation was 4 years ago and was 500k so I've knocked 8% off).
Would we be borrowing against just the existing house?
It would then be a 24% equity.
Can we include potential rental income and increased property value in the application?
I have no idea where to start.
Thanks
Carol
We are looking at borrowing 100k to build a GF and do some landscaping to the front of the property. We have 45% equity in the existing property conservatively valued at around 460k (last bank valuation was 4 years ago and was 500k so I've knocked 8% off).
Would we be borrowing against just the existing house?
It would then be a 24% equity.
Can we include potential rental income and increased property value in the application?
I have no idea where to start.
Thanks
Carol