Finance for an extension idea's please :(

pwn3r3r

I am trying to get finance for an extension to my house. I have been quoted around 70k for the job but the most i can borrow for a home improvement is 45k. This is because everywhere seems to lend based on the current value of the property and not the value based on plans.
I don't want to remortgage because I have a 0.5 above the base rate tracker with skipton so it need to be additional borrowing.
house was bought for `165k 3 years ago, I owe 65k and the bank said based on market trends it would be valued at 145k today.
Any ideas?
The best I can think of is stoozing part of the finance on credit cards.

[Deleted User]

how big is the ext?you build a small house for 70k

Fiddlestick

pwn3r3r wrote: »

I am trying to get finance for an extension to my house. I have been quoted around 70k for the job but the most i can borrow for a home improvement is 45k. This is because everywhere seems to lend based on the current value of the property and not the value based on plans.

That would be the sensible thing to lend on, since the current value can be assessed whereas the value IF the extension is completed and IF there are no defects is somewhat harder to assess.

pwn3r3r

its a large extension and i dont want to move. i am shocked that no product is out that is aimed at people in my situation.

rdwarr

If you can scrape the money together to get the extension complete the bank may look more generously at the value of your property.

pwn3r3r

Just found this site...

homebuilding.co.uk

mentions the Ideal Home Renovation Mortgage from BuildStore etc.

might be my best bet.

also thinking get 40k from skipton then get a standard loan.

when the extension is done, up the borrowing from skipton based on the new ltv.