what about this scenario please

johnwey

redpete wrote: »

You've been told that the mortgage lender won't offer you any more than 60% LTV for a loan that is secured on the house because the risk of you not being able to afford the repayments is too high.

I think the chances of someone else offering you an unsecured loan after you've taken on the mortgage are slim.

Does anyone else think this as well ?

CH27

johnwey wrote: »

Does anyone else think this as well ?

Given the cautiousness in the banking sector I would tend to agree with redpete.

johnwey

CH27 wrote: »

Given the cautiousness in the banking sector I would tend to agree with redpete.

Not sure what to do now , even though my credit record is excellent

CH27

johnwey wrote: »

Not sure what to do now , even though my credit record is excellent

You will be taking on a lot of debt. Have you calculated your repayments when interest rates start to rise? Will it still be affordable?

johnwey

CH27 wrote: »

You will be taking on a lot of debt. Have you calculated your repayments when interest rates start to rise? Will it still be affordable?

yes will still be affordable

bouncydog1

I know you say the house is grotty, but couldn't you give it a clean up and move in. Sometimes you need to live in a place for several months before you modernise so that you get it right first time.

We lived through a major renovation of knocking half the house down with a small child. Highlight was having to go to the loo in the night to discover that the outer wall had been replaced with blue polythene and there was no light - plumbing had also been turned off and a bucket of water left for flushing!!

In an ideal scenario you would do the modernisation first, but if at the end of it all you have a fantastic home, then surely it's worth putting up with stuff and not being too fussy, rather than getting yourself over-committed. Just a word of warning - you should always budget a contingency above what you estimate - we spent an additional 50% over budget simply because stuff goes up, you change your mind etc.

rs65

bouncyd!!! wrote: »

We lived through a major renovation of knocking half the house down with a small child.

Must've taken a while.

Back to John, just move in and do what you can, when you can.

jonjamie1970

Johnwey, I have also lived in a house that I renovated, we converted the main bedroom and bathroom / small bedroom into a sort of flat, some of my best memories are being there spending time with my baby daughter. It was great and I was on site when doing the work etc, as we completed work we spread ourselves out.

CH27

johnwey wrote: »

yes will still be affordable

As long as you get the electrics, kitchen & bathroom done you could live there & do the rest of the work.
Expecting to move into a finished house with uncertain finances is pushing your luck a little IMO.