We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Loan/mortgage help
donz23
Posts: 47 Forumite
Hi,
Are there any loans available for those who wish to make improvements to houses? Basically I'm looking at buying a house which needs extending but not sure whether it is best to hold some of my deposit back to put towards the work or put all of my deposit down, have a lower LTV and then try and get some sort of loan to cover the work?
Any advice?
Are there any loans available for those who wish to make improvements to houses? Basically I'm looking at buying a house which needs extending but not sure whether it is best to hold some of my deposit back to put towards the work or put all of my deposit down, have a lower LTV and then try and get some sort of loan to cover the work?
Any advice?
0
Comments
-
I arranged a home improvement loan a few years ago that we used to re do our bathroom.
I guess the main consideration would be how easy it is to get approved for an additional loan so quickly after applying for a new mortgage?0 -
The issue is likely to be how the surveyor views the property, what essential repairs he considers necessary and what, if any, retention he suggests.
You may be forced to put down money you plan to spend on the property as increased deposit to cover the retention, if there is one.
Not easy to plan ahead for, without spending money to find out...I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.7K Banking & Borrowing
- 254.2K Reduce Debt & Boost Income
- 455.1K Spending & Discounts
- 246.8K Work, Benefits & Business
- 603.2K Mortgages, Homes & Bills
- 178.2K Life & Family
- 260.8K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards