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funding home improvements?
JustinEvs
Posts: 3 Newbie
I am in the process of buying a house for 120k, and have a deposit of 30k. This gives me access to some pretty decent 75% LTV mortgages; however will totally wipe out all of my savings. ( i should have enough to pay for the legals and mortgage applications)
My current home is mortgaged to about 85% - 90% LTV. I am keeping this and letting it out. I have identified a tenant and my lender is happy for me to do this - though i have to pay a annual fee of 95 pounds for the 'consent to let'. So in essence i am not able to draw down any equity from my current home.
The house i am buying is a 2 bed detached built in 1913 on a large plot, with plenty of potential for improvement.
I have previously renovated and extended, and am familiar with what is involved. I intended spending about 30k on the new house. This should up the value of the house to around 180k.
my question is how to fund the improvements?
am i likely to secure further lending from a mortgage company in advance?
should i get a loan?
should i fund the work on credit cards and then remortgage?
any advice would be appreciated.
My current home is mortgaged to about 85% - 90% LTV. I am keeping this and letting it out. I have identified a tenant and my lender is happy for me to do this - though i have to pay a annual fee of 95 pounds for the 'consent to let'. So in essence i am not able to draw down any equity from my current home.
The house i am buying is a 2 bed detached built in 1913 on a large plot, with plenty of potential for improvement.
I have previously renovated and extended, and am familiar with what is involved. I intended spending about 30k on the new house. This should up the value of the house to around 180k.
my question is how to fund the improvements?
am i likely to secure further lending from a mortgage company in advance?
should i get a loan?
should i fund the work on credit cards and then remortgage?
any advice would be appreciated.
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