Secure loan regardless of ltv

Pink_butterfly_2

My husband and I both have well paid jobs and would like to borrow £10k secured to develop our loft. The plan is then to remortgage. We cannot borrow any more unsecured debt. Does anyone know of any firms who will lend regardless of Ltv as we are currently at 85%.
Thank you

KingElvis

Time to rethink those loft plans...lofts are for birds, warm air, roof tiles and prams.

If you can't borrow anymore unsecured debt, maybe that should be a small signal that you need to stop?

Good luck.

Pink_butterfly_2

I hear what you are saying but developing loft will add about 35k to value of house. We can then remortgage and pay off debt

DCFC79

Could you not maybe save up what you need by cutting your outgoings for 5/6 months ?

JuicyJesus

Pink_butterfly wrote: »

I hear what you are saying but developing loft will add about 35k to value of house. We can then remortgage and pay off debt

This quoted "added value" is imaginary, putative money that does not exist. House prices could crash (or just decrease, even) and then you'd be screwed. Meanwhile, you'd still owe £10,000.

That's just one way in which this could go very, very t*ts up.

jonesMUFCforever

Pink_butterfly wrote: »

I hear what you are saying but developing loft will add about 35k to value of house. We can then remortgage and pay off debt

Run that one past me again please.
You want to borrow more to do your loft then re mortgage to pay off the debt.

How does that work then - by remortgaging - you still have the same debt do you not??

dealer_wins

Plant a magic bean, its a lot less hassle.

beecher2

You will be unable to get a secured loan without the LTV being taken into consideration. Debt Free Wannabee forums will help you budget in order to start saving.