Home improvement loan options

AllyS

Ok, we want/need to do a loft extension that is going to cost £20,000. Our mortgage is £51,000 over 20 years and house is worth £115,000. We obviously want to borrow the money at lowest rate possible. Some issues are that:
- mortgage is still in partners name as it was his house originally. He is on low income due to disability
- house is leasehold and due to clauses only certain mortgage companies will loan money
- in order to guarantee we can pay mortgage we need to base repayments on my wage only in case OH deteriorate and can't work.

We are awaiting a response from current mortgage company and hoping they will take my wages into consideration without having to legally get deeds etc changed.

If this is not possible is there any other way to borrow the money at a decent rate and long term. We both have excellent credit rating.

Any advice greatly received.

Thank you

R_P_W

From ehat you describe the key question is this a need or a want? Do you really want to extend your borrowing by 50% if part of your income is at risk?

Thrugelmir

AllyS wrote: »

- mortgage is still in partners name as it was his house originally. He is on low income due to disability

So are you named on the mortgage currently. If not you will need to make a new joint application.