We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
what's the best way to borrow for home improvements
hilla_2
Posts: 61 Forumite
Can anyone advise me please on the following? We own a house in Wales which we don't live in because we have tied accommodation with my husbands job in London.
The house has been valued at £220000 in it's present condition-it's quite run down but a possible £270000 if we do it up. We have a £42000 endowmwnt mortgage on it which although we have paid it for 15 of the 22 years it runs we still owe £42000. We are currently trying to get compensation on this at the moment. If we were to borrow £50000 to do it up should we keep the present endowment mortgage and just borrow the £50000 as a repayment mortgage or roll the both into one and try and pay it off the £92000 altogether. The problem is my husband retires in 7 years and I retire in 15 years so I suppose we could have a 15 year mortgage and then try and pay it off in 7. The rent would raise quite a bit and we could put in extra out of our salaries.Any advise?
The house has been valued at £220000 in it's present condition-it's quite run down but a possible £270000 if we do it up. We have a £42000 endowmwnt mortgage on it which although we have paid it for 15 of the 22 years it runs we still owe £42000. We are currently trying to get compensation on this at the moment. If we were to borrow £50000 to do it up should we keep the present endowment mortgage and just borrow the £50000 as a repayment mortgage or roll the both into one and try and pay it off the £92000 altogether. The problem is my husband retires in 7 years and I retire in 15 years so I suppose we could have a 15 year mortgage and then try and pay it off in 7. The rent would raise quite a bit and we could put in extra out of our salaries.Any advise?
0
Comments
-
Please see a whole of market independent mortgage broker.
With that endowment its best to speak to someone face to face with all your documentation so that the best deal/possibility for you can be researched for you. The age is also an issue as they go by the oldest, not the youngest. Its quite irritating (I am in the same position as Hubby is 12 yrs older than me, but I could pay the mortgage on my own, but the lenders don't like it much....) however there are lenders willing to lend up to 70 - 80 yrs of age.
So all 3 things have to be taken into consideration. If it will stay as a BTL investment then age is not so much of a problem and the mortgage could be lengthened to 20yrs - 25yrs as a BTL. Once you want to move back into it in 7 yrs time you remortgage or pay it all off......
So its best to chat to a fees free broker to investigate all possibilities.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.5K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.4K Spending & Discounts
- 247.4K Work, Benefits & Business
- 604.2K Mortgages, Homes & Bills
- 178.5K Life & Family
- 261.7K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards