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  • FIRST POST
    • DairyLee
    • By DairyLee 8th Jan 18, 6:28 PM
    • 1Posts
    • 0Thanks
    DairyLee
    Funding an extension
    • #1
    • 8th Jan 18, 6:28 PM
    Funding an extension 8th Jan 18 at 6:28 PM
    Hi folks!

    Just looking for some thoughts on the best way to fund a single-story extension to our home.

    Our builder is about to start work, knocking walls down.

    We will need to borrow £45,000 to complete the work with some additional funds being paid out of savings.

    Our Mortgage deal with Santander is due to mature in May this year (2018), although we are currently in the 'renewal window', so could get a new deal now.

    Ideally I'd like to take the 'additional borrowing' loan now with Santander and then re-mortgage in May when HOPEFULLY, the building work will be complete and the value of the house will be something a bit (a lot!?) higher.

    OR, I could get the new deal now and therefore lock myself into another 2 years and get a 'home improvement' loan from elsewhere.

    Any thoughts / pointers would be great!

    Thanks very much!

    Lee
Page 1
    • J B
    • By J B 8th Jan 18, 8:38 PM
    • 2,475 Posts
    • 815 Thanks
    J B
    • #2
    • 8th Jan 18, 8:38 PM
    • #2
    • 8th Jan 18, 8:38 PM
    Hmmm

    Starting a 45K project tomorrow with no funds secured .......

    What could possibly go wrong ....

    • Aylesbury Duck
    • By Aylesbury Duck 8th Jan 18, 8:51 PM
    • 1,353 Posts
    • 1,770 Thanks
    Aylesbury Duck
    • #3
    • 8th Jan 18, 8:51 PM
    • #3
    • 8th Jan 18, 8:51 PM
    My thought/pointer? Postpone ALL work until you have the funds in place to complete the job with a little extra for contingency. It is madness to be asking a builder to start work when you don’t have the means to pay for the job.
    • aj9648
    • By aj9648 8th Jan 18, 10:56 PM
    • 1,120 Posts
    • 101 Thanks
    aj9648
    • #4
    • 8th Jan 18, 10:56 PM
    • #4
    • 8th Jan 18, 10:56 PM
    Wow - OP please keep us up to date with progress
    • Furts
    • By Furts 9th Jan 18, 7:23 AM
    • 3,744 Posts
    • 2,365 Thanks
    Furts
    • #5
    • 9th Jan 18, 7:23 AM
    • #5
    • 9th Jan 18, 7:23 AM

    Our builder is about to start work, knocking walls down.
    Originally posted by DairyLee
    The wrong walls could come down when they realise there are no funds in place to pay them.
    • pmartin86
    • By pmartin86 9th Jan 18, 9:09 AM
    • 478 Posts
    • 263 Thanks
    pmartin86
    • #6
    • 9th Jan 18, 9:09 AM
    • #6
    • 9th Jan 18, 9:09 AM
    *Sniff sniff* If it smells like ****....
    • Le_Kirk
    • By Le_Kirk 9th Jan 18, 10:43 AM
    • 2,293 Posts
    • 1,185 Thanks
    Le_Kirk
    • #7
    • 9th Jan 18, 10:43 AM
    • #7
    • 9th Jan 18, 10:43 AM
    Hmmm

    Starting a 45K project tomorrow with no funds secured .......

    What could possibly go wrong ....

    Originally posted by J B
    Wow, my thoughts exactly!
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