Mortgage for home improvements

peely

Hi, I haven't got a mortage at present, own my own home, which is worth approx £240k, but would like to make improvements to it (downstairs shower room, extend kitchen etc). Cost would be about £40k if I do everything I intend. I suppose I'm in a relatively good position re mortgage to value ratio, but I am 47 and although I have a permanent job, who knows what will happen in the next 20 years. Any advice about who to approach. I'm more tempted to go for a country wide broker, like London and Country, but am also tempted by the HSBC's mortgage for people who want a mortgage and have a low mortgage/value ratio. Should I get PPI just in case of illness, unemployment etc. I worry that if I did lose my job (though I think its unlikely) that I may never work again, as it is so hard for older people to find work. I'm just a bit confused by the whole situation, but want to get contracts sorted, and can't do that without having organised a mortgage.

GMS

To borrow that kind of money against the property you should be ok.

Whether or not to take out insurance to cover your mortgage in the event of unemployment etc is your own choice. If it is affordable and gives you peace of mind then it would be a good idea.

At the very low LTV you are proposing you should have access to good rates, assuming a good credit history and income being sufficient.

Speak to a broker to see the options available.