2 unsecured loans

bigadaj

BugsyBrowne wrote: »

May I ask the size of this loft extension you're ready to splash 35/40k on?

Reason I ask we've done loft extensions when I was in the trade well 2 of them and your prices could get you a decent size good spec 2 up extension for the price you've been quoted.

Remember loft extensions are a lot cheaper too.

You've certainly had a full and varied life bugsy, are you still on the cars currently?

TCB1

It's a hip to gable end with full width dormer.

The plans show 2 bedrooms measuring 3x4.5 meters and 3x5 meters. There will also be a shower room of the upstairs landing of 1.7 meters square.

Our first floor also needs a re-jig to fit the stairs above the current ones, unfortunately it's the bathroom wall that needs moving so there are more costs there.

We are within the M25 which probably pushes the costs up too.

It will turn our 3 bed semi into a 5 bed 2 bath though :j

Tixy

Hi TCB

Presuming you have a joint mortgage then when a potential lender searches your credit file then will also look at husband's credit file (and the other way round).

This conceivably could impact on you taking out a personal loan after him taking on a new large commitment.

Borrowing that much on personal loans will likely be costly.

You say you don't want a secured loan because you want to pay it off in 5years - but there is no reason a secured loan needs to be taken over the life of your mortgage, you can easily take one over 5years.

You could also consider looking at other secured lenders not just your current mortgage lender.

Who is your existing mortgage provider? and do you have significant equity in your property currently?

somethingcorporate

With a low mortgage assuming you have equity in your house it would probably make much more sense to do this via a re-mortgage. There are some stonking fixed rates out there % which is far better than any loan rate.

TCB1

Our current rate is 1.5% above base and we don't have much equity. To borrow against the house would take us to 90% LTV and even then it's iffy depending in the valuation.

Our mortgage is with bank of Ireland.

TCB1

Hopefully once the works are complete our LTV will be improved.