Getting a Secured Loan and then remortgage?

ChasingButterflies

Hi,

I can really sympathise with your situation OP. We moved into our home 21 months ago knowing that it needed *some* work and since then have found issue after issue *rolls eyes*

We have just done the work on an, as and when we have the money and time basis... Yes it can be demoralising, living with half finished rooms but we will get there in the end!

However, we could have had the house "finished" already, but I know how long it would take to save that kind of money again and they are "emergency" savings so have remained untouched.

Is there one room you can focus on that you could "finish" perhaps the living room or your bedroom? If you had somewhere that was to your taste that you could retreat to when it all gets a bit much it might make it easier to live with - just a thought in my case I retreat to the garden :rotfl:

DIY just takes practice and advice take some pictures and post them up on the "in my home board" here and I am sure folks will offer any advice they can... DH has also found loads of tutorials on youtube for jobs that he would like to try and take on.

I understand this isn't loan advice however, my mum bought a house for 82k which was at one point worth 250k, she did manage to consolodate many unsecured debts into her mortgage and then basically the wheels came off. It was repo'd in the end and sold for 140k so I wholly agree with everyone's sound advice about not securing your debts against your house.

All the best.

delirious

ChasingButterflies wrote: »

Hi,

I can really sympathise with your situation OP. We moved into our home 21 months ago knowing that it needed *some* work and since then have found issue after issue *rolls eyes*

We have just done the work on an, as and when we have the money and time basis... Yes it can be demoralising, living with half finished rooms but we will get there in the end!

However, we could have had the house "finished" already, but I know how long it would take to save that kind of money again and they are "emergency" savings so have remained untouched.

Is there one room you can focus on that you could "finish" perhaps the living room or your bedroom? If you had somewhere that was to your taste that you could retreat to when it all gets a bit much it might make it easier to live with - just a thought in my case I retreat to the garden :rotfl:

DIY just takes practice and advice take some pictures and post them up on the "in my home board" here and I am sure folks will offer any advice they can... DH has also found loads of tutorials on youtube for jobs that he would like to try and take on.

I understand this isn't loan advice however, my mum bought a house for 82k which was at one point worth 250k, she did manage to consolodate many unsecured debts into her mortgage and then basically the wheels came off. It was repo'd in the end and sold for 140k so I wholly agree with everyone's sound advice about not securing your debts against your house.

All the best.

Thanks for this - we have decided that the loan would be a really bad idea, especially at the rates we're talking. The lady at the loan company tried to sell it as a short term loan that we would refinance elsewhere in a year or so but when I asked for details of what the settlement figures would be, using an example of clearing the loan after 2 years, we would have paid back £7500(ish) over the 2 years and then the settlement figure would be £11,000(ish) which on its own is more than the original loan would be.

We've decided to do as suggested and get bits done as and when we can afford it. We're getting done what we can afford now and have decided on a kitchen from Ikea as we can buy a few units at a time rather than buying the whole lot in one go and I'm going to move our biggest card balance on to a 0% balance transfer deal (only about £2,500) but that'll at least help reduce monthly outgoings so we can get the rest paid off quicker. We can then see if we can get a small further advance from our mortgage lender after 6 months.

We're also going to get our living room and the main bedroom decorated so that, as you say, we'll have a place for 'retreat' from the rest.

Thanks again for all the advice on here. I know at times it's probably seemed like I didn't want to listen but it's been a helpful exercise.