Totally stuck with what to do!!

A-standard

aaaaaaaaaaaaaa

Tixy

Hi

How much are you looking to borrow?

How much does husband earn now?

How much can you afford to repay a month?/how long a term were you planning?

A-standard

Hi

I would say between 15,000 and 20,000 or whatever we can get! He prob brings home maybe 2000 a week. Maybe paying over 5 to 6 years.

sharp910sh

A-standard wrote: »

Hi

I would say between 15,000 and 20,000 or whatever we can get! He prob brings home maybe 2000 a week. Maybe paying over 5 to 6 years.

If he is bringing home 2 grand a week i assume after tax. he is earning an after tax salary of £104k a year. Or a salary of £180k before tax. I would therefore just save the money for a couple of months. you will have 25 to 20k in no time!

A-standard

We are trying to save but little difficult with mortgage and expanding family. We need the work done before next one comes along really.

No other option??

sharp910sh

A-standard wrote: »

We are trying to save but little difficult with mortgage and expanding family. We need the work done before next one comes along really.

No other option??

Make a budget and cut spending. Your husband's salary is very high. Do a SOA (statement of affairs) http://www.stoozing.com/msoc/soacalc.php

As something does not seem right, that your husband is earning a very high salary, yet is hard to save £20k.

Are you expecting a baby soon? Maybe you could pawn some gold, load against that.

Tixy

Is £2000 a week after all business expenses, but before tax? So a personal pre-tax income of around £104,000?

Trying to get 1 or 2 0% credit cards might have been a good option to fund some of the improvements if you had been likely to be able to repay within a year to 18months or so.
But if you are unable to afford to do that and need it over a longer period of time this could end up as an expensive option.

If his after-tax income a month is around £5,525 then unless your mortgage is massive it seems a long time to be paying back that size of loan.

Have you actually worked out a budget of how much you could afford to repay each month on a new loan? If not I would do this as first before you try to get further credit.

Has he prepared/ had prepared his first of self-employed accounts prepared yet? has he submitted his tax return for Apr this year yet? Did he provide both of those to the mortgage company when looking for a further advance on the mortgage?

JimmyTheWig

The mortgage company sees you as high risk.
Other mortgage companies are likely to agree with them. You might find a company who would be prepared to take on your whole mortgage plus the extra you need, but the chances are that they would do so based on the higher risk than when you took out your current mortgage - so you'd end up on a higher interest rate for the whole mortgage, which would probably work out expensive.
So that's a no-no as far as mortgages go. Which are the only really safe cheap way of borrowing money.

So you'll either need to pay personal loan interest rates or you will need to wait until you have the cash yourselves.

I agree with others that it should be easy enough to save up with that sort of income. An SOA will help if you don't see where the money would come from.

What sort of timescales are you looking at?