I have a joint mortgage (£90,000) with my partner, with his dad acting as guarantor.We paid a deposit of £10,000. The property was valued at £150,000 when we got the mortgage. The people who live upstairs are moving, and we are considering offering to buy their share of the shared washhouse, so it can be exclusively ours. We hope to be able to convert it into something useful and therefore add value to our property. I'm not sure yet how much we should offer but I am thinking £2,000-£4,000 sounds right. We don't have this kind of money so is it possible to ask our mortgage company if they would consider raising our mortgage to fund it? We are with Halifax. Thanks

It is perfectly possible, especially if your payment record is good and your incomes are sufficient.

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Circumstances alters cases!!

The remortgaging deals with Halifax are rubbish though!

I am hazarding a guess here, that you own a lease on your property, since you have another property above yours. What you want to do is not as simple as it sounds, since you would also have to ask the freeholder to change the terms and conditions of your lease contract (and the lease contract for the people upstairs). The freeholder may not want to do this, for whatever reason, and since the wash-house appears to be 'common parts' it's possible that your people upstairs are not even in a position to sell it to you.