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Advice needed on extra mortgage for work needed doing or loan etc
louloubelle79
Posts: 411 Forumite
Hello, will be in touch wih my mortgage advisor today, although wanted some advice prior to.
Sold our house(2 bed) for £156k, no chain as bought for someone to rent out. We have offer accepted on reposession of 155K(3 bed) it needs central heating, new bathroom, new carpets and lick of paint etc, and summer garage conversion which been estimated 8k for. Now i am havingt he fees etc added to the mortgage, should i add another 20k for the work to be done, or is there a better way financially to do this?
Sold our house(2 bed) for £156k, no chain as bought for someone to rent out. We have offer accepted on reposession of 155K(3 bed) it needs central heating, new bathroom, new carpets and lick of paint etc, and summer garage conversion which been estimated 8k for. Now i am havingt he fees etc added to the mortgage, should i add another 20k for the work to be done, or is there a better way financially to do this?
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Comments
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Is there enough equity in the property to release another £20k firstly?
Can you do the work in stages as you can afford it. The heating would be worth getting done during the warmer months and the bathroom would probably add value so maybe get those two jobs done first and once done start decorating the rest of the house gradually.
Personally I would live in the house first for a while before you convert the garage (into a summer house do you mean?), this may also allow you to assess the rest of the house and any other unexpected surprises!
Mortgage is likely to be your cheapest loan option and try and get a flexible mortgage so you can try and pay off the extra ASAP as money permits. Check out the mortgage free board and debt free board for some good tips on this and see how much interest you would save by repaying some early using the mortgage repayment calculator
Alternatively do some now on the mortgage and then save up and wait like the old days before you do the rest?0
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