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Mortgages for home improvements
A_Star
Posts: 361 Forumite
We want to add a loft conversion and a sun room to our house. We're currently looking at how to fund it. We don't have enough equity (about 21%) to release any. I thought you could get extended mortgages for homeimprovements based on the value of the house after you've done the work.
Have I completely made this up or does it just not exist anymore?
Any ideas if there's a way we can raise the funds from the mortgage, or is a loan the only way to go?
Have I completely made this up or does it just not exist anymore?
Any ideas if there's a way we can raise the funds from the mortgage, or is a loan the only way to go?
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Comments
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It'd be about £30k0
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Any debt? As this will be a factorIt is nice to see the value of your house going up'' Why ?
Unless you are planning to sell up and not live anywhere, I can;t see the advantage.
If you are planning to upsize the new house will cost more.
If you are planning to downsize your new house will cost more than it should
If you are trying to buy your first house its almost impossible.0 -
One car at £247 per month, we're out of the agreement and will give it up in December. Other than that nothing.0
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Don't forget the value of your property may well have fallen so you may have less equity than you think. Interest rates are going to rise too so unless you have secure jobs and good salary I would be very wary of adding to my loan.0
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Value has gone up, not by much, about £12k on what we paid. Secure jobs and good salaries although due to my salarey decreasing we wouldn't be able to get a mortgage for a bigger house.0
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