Advice please can we raise? any money to build an extension ?

happysnail_2

Hi

Myself and my husband both have debts of £8,000 and he has £10,000 we have a mortgage of £153,000 and a redemption figure of £159,000, our house is worth £180,000, so do not have that much equity,
I earn £17,500 and he earns £28,000 per year,

We have a very small 2 bed house and have had a figure of £15,000 grand to build a water tight shell to make it bigger if we could build on to our house our house would be then worth £220,000 like our neighbours which would make us more financially stable,

We are desperate to get more room so we can add an other member to our family we have a problem can we finance the build with our current debts? or shall we move but that would leave us with very little for a deposit for another house that's if we mangage to sale at all,

We were looking into loans of £25k for my husband to consolidate his existing and we don't think we could do anything with our mortgage with our wages

Andy advice appreciated even though I think were stuck !

Thrugelmir

You need to tackle your debts first. Before you can seriously contemplate anything else.

Suggest you visit the Debt Free Wannabe board for help.

tomitma

I would honestly settle your debts before I would think of adding more ie an extention or a child.

beecher2

An extension would cost more than the cost of a shell and you're probably being overambitious in terms of how much it would add value to your property. You need to sort out your debts first before trying to further over extend yourself - I agree with the advice to visit Debt Free Wannabee.

happysnail_2

Thanks for your advice we are sorting debts both have 4 years left on fixed loans then will be debt free !!