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Short-term secured loan?
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Hi
I'm hoping someone can help me out with some advice please.
I have a property with an outstanding mortgage of c.200k on a value of c.450k. I also have planning permission for an extension which would cost c.35k but increase the value by c.50k and would like to borrow the money to do this. The difficulty is that I was made redundant some time ago and have been unable to find a new job (seems like 49 is too old to work in IT
), and my husband's salary of c.44k is not enough to get a further advance on the mortgage due to income multiple limits. We have been given a payment holiday on the mortgage for 12 months and plan to sell after that. Can anyone suggest a cheap way of getting a secured loan (or anything else) for a year in order to do the extension?
Thanks very much
I'm hoping someone can help me out with some advice please.
I have a property with an outstanding mortgage of c.200k on a value of c.450k. I also have planning permission for an extension which would cost c.35k but increase the value by c.50k and would like to borrow the money to do this. The difficulty is that I was made redundant some time ago and have been unable to find a new job (seems like 49 is too old to work in IT
), and my husband's salary of c.44k is not enough to get a further advance on the mortgage due to income multiple limits. We have been given a payment holiday on the mortgage for 12 months and plan to sell after that. Can anyone suggest a cheap way of getting a secured loan (or anything else) for a year in order to do the extension?Thanks very much
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Comments
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relative to the value of the property, the potential gain is modest. given that costs estimates tend to over run etc, you would be much better to sell now and not bother with the extension... who knows if interest rates continue to rise there is no guarantee that house prices will not fail.0
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cvb567, there are loan companies that will consider a secured loan in your circumstances.
Can you pm me
JoeKI am an Independent Financial Adviser.Anything posted on this forum is for discussion purposes only. It should not be considered financial advice. Different people have different needs and what is right for one person may be different for another. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser who can advise you after finding out more about your situation.0
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