Financial help with extension

woppo26 · 13 January 2018 at 10:25AM

Happy new year everyone....

Ok so me and my wife are expecting our 5th child (due April 2018) the problem is that there will be 7 of us in a 3 bedded house (3 boys, 2 girls, me and my wife) we currently have a mortgage and a couple of other hpi and a loan. My credit rating is “fair” and together me and my wife earn around £40k a year. We both have worked out that it would be cheaper to extend our home rather than move.
The problem is, we can’t afford the extension until our “big loan” is paid off (40 more months) iv worked out the price of the extension to be around £50k as my home is only worth £100k and we have £75k left to pay we haven’t got enough equity to cover the cost.
What I’m asking is there any help out there to help us financially or do
I sell my house, and get the council to give me a 4/5 bed house?

Many thanks in advance

Grenage · 13 January 2018 at 10:34AM

I'm not aware of any such financial aid; to be honest I'd be angry if it existed.

I'd think very carefully before selling the roof over your head. Double up until you can afford the extension, and don't add to the problem with more children.

Grenage · 13 January 2018 at 11:07AM

I'm not judging you; I'm simply calling it as I read it. I certainly didn't accuse you of asking for handouts.

Those cases where people are given large houses are the extreme cases, and far from the norm. It's entirely possible that such schemes exist for assistance, but I have never heard of such.

Doozergirl · 13 January 2018 at 12:36PM

An extension isn’t appropriate on such a low value house because it will cost you a lot more than just buying a bigger house!

You need to move. Buy a bigger house with a bigger mortgage. Speak to a broker and see what you can borrow. Your £25k in equity should be a sufficient deposit.

SuzieSue · 13 January 2018 at 1:37PM

If you sell your house then the council will say that you have intentionally made yourself homeless and will have no responsibility to house you.

https://england.shelter.org.uk/housing_advice/homelessness/rules/intentionally_homeless

Warwick_Hunt · 13 January 2018 at 1:40PM

SuzieSue wrote: »

If you sell your house then the council will say that you have intentionally made yourself homeless and will have no responsibility to house you.

There’s nothing stopping him applying for a suitable house.

SuzieSue · 13 January 2018 at 1:42PM

Warwick_Hunt wrote: »

There’s nothing stopping him applying for a suitable house.

Do you mean while he still has his current house? Yes, but he didn't say he wanted to do that.

woppo26 · 20 January 2018 at 1:10AM

SuzieSue wrote: »

Do you mean while he still has his current house? Yes, but he didn't say he wanted to do that.

So even though I own my own home, I can still apply to the council to be put on the waiting list for a bigger house??

Davesnave · 20 January 2018 at 9:06AM

woppo26 wrote: »

So even though I own my own home, I can still apply to the council to be put on the waiting list for a bigger house??

You can apply, but whether you ever rise to the top of that list is another matter. No one here knows the answer to that one!

AsSuzieSue says, selling-up and making your family homeless isn't a great option either, as there will be no obligation on the council to house you as a family unit.

Ectophile · 20 January 2018 at 11:05PM

You can apply to be put on the waiting list. But any priority cases will always be moved above you. By the time you get to the top of the list, the kids will probably have grown up and left home, so you won't need the bigger house anyway.

pmartin86 · 21 January 2018 at 1:19AM

A much cheaper option.

https://www.durex.co.uk/

Financial help with extension

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