Borrowing Against Mortgage, How?

pilgrimshuffler

All,

Myself and my wife would really appreciate advice, due to the current financial situation we are not that keen on moving but would like to expand our house with a conservatory, the cost would be around 8k, could anyone please advise how would be best to raise this, I have heard of many borrowing against the mortgage.

Would this be a good idea or is there other options?

Thankyou

Kez100

We saved for ours and then built it.

I would recommend this way as then if the economy takes a downturn your mortgage has not been increased. Also, if you hit hard times before you have saved enough to build the conservatory, you have a pot of money that could be diverted instead to be used on essentials.

herbiesjp

You would borrow against the value of the property, by increasing your mortgage.

If you are not tied in to your current lender, you can shop around, and see what deals you can find for your new mortgage amount and compare against what you current lender can offer.

Otherwise, if you are tied in, you really only have the choice of your current lender and the delas they offer, or a personal loan