loan for new loft conversion -confused

colinpost

We have recently finished our mortgage !

House is valued at £180,000 and now we have decieded to convert the attic to a habitable area. The cost would be a max of £25,000 (we have savings of £15,000)

So how to we go about finaincing £10,000 loan ? a remorgage is out the question - no mortgage!

As other loans we need help...best rates i can find for us:

Halifax 8% (home inprovement loan)
HSBC 6% (personnel loan)

surely a home inprovement loan would be lower ?

DCFC79

You tried your own bank ?

BugsyBrowne

Afraid not those rates are very competive, why would a home improvement loan be any different to any other loan.

Spendless

Have you paid every single penny off your mortgage? Just when my parents paid theirs off, they were told by the lender to keep a small outstanding amount on it (no idea how much) in case they ever wanted to do some sort of home improvement like you are thinking of. Have you spoke to your old mortgage lender first?

colinpost

Spendless wrote: »

Have you paid every single penny off your mortgage? Just when my parents paid theirs off, they were told by the lender to keep a small outstanding amount on it (no idea how much) in case they ever wanted to do some sort of home improvement like you are thinking of. Have you spoke to your old mortgage lender first?

nope...we were to eager to pay off every single penny. Though might go back and see what they can offer

Eonel

There is no reason why you could not (re)mortgage. It would obviously be treated as a new mortgage application, but when you explain the situation to the Mortgage advisor I would expect it would be viewed sympathetically.