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Raising funds for loft conversion advice
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Our story: 2 houses on interest only mortgages, 1 with 50k ish equity in it, currently rented out. Our house, possibly 20k equity in it.
Looking to convert loft, have number 4 on the way so need more space. Quotes coming in around 30k.
We've both got good credit, I have 2 overdrafts but no other debt, OH has 2 interest only CCs around 7k. Another 10k credit left on them.
What would anyone suggest in order to raise our needed funds? Personal loan? Split over a number of CCs? Can you release equity from houses that are on interest only mortgages? Or should we just sell the rental property?
Any advice would be greatly appreciated
Looking to convert loft, have number 4 on the way so need more space. Quotes coming in around 30k.
We've both got good credit, I have 2 overdrafts but no other debt, OH has 2 interest only CCs around 7k. Another 10k credit left on them.
What would anyone suggest in order to raise our needed funds? Personal loan? Split over a number of CCs? Can you release equity from houses that are on interest only mortgages? Or should we just sell the rental property?
Any advice would be greatly appreciated
LBM January 2017 £34k will have paid back finally by my DFD May 2021
got my first store card on my 18th birthday, never known a life without the grey cloud of debt looming over me. 18yrs and the end is finally in sight 🤩
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Comments
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Sell the rented out property and put your finances onto a stable footing. Clear your debts and switch the remaining mortgage onto a repayment basis.0
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Thank you, I think that's very sensible advice.
My husbands going to be reluctant as he sees that place as just sitting quietly, paying for itself. But I think the fact it's on interest only defeats that point. May repost in different place to see if anyone can help me with the correct figures to make it as clear as possible to show him.LBM January 2017 £34k will have paid back finally by my DFD May 2021got my first store card on my 18th birthday, never known a life without the grey cloud of debt looming over me. 18yrs and the end is finally in sight 🤩0 -
Our story: 2 houses on interest only mortgages, 1 with 50k ish equity in it, currently rented out. Our house, possibly 20k equity in it.
Looking to convert loft, have number 4 on the way so need more space. Quotes coming in around 30k.
We've both got good credit, I have 2 overdrafts but no other debt, OH has 2 interest only CCs around 7k. Another 10k credit left on them.
What would anyone suggest in order to raise our needed funds? Personal loan? Split over a number of CCs? Can you release equity from houses that are on interest only mortgages? Or should we just sell the rental property?
Any advice would be greatly appreciated
2 ODs : how much?
what exactly is an interest only CC?
what profit does the rented property make?
what's the rented property worth?0 -
Graduate overdrafts £2850, interest free. Was trying to clear by 2015.
Sorry, meant interest free CCs
Rental property 100k mortgage, 150-160k worth
Mortgage £550. Rental income £650LBM January 2017 £34k will have paid back finally by my DFD May 2021got my first store card on my 18th birthday, never known a life without the grey cloud of debt looming over me. 18yrs and the end is finally in sight 🤩0
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