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 for extension.
christologymum
Posts: 74 Forumite
Any help would be appreciated
Our house is currently on the market with a view to us moving to a 4 bed, although we currently havent had much interest. Weve a DIP from Halifax for up to £197k.
However we are now contemplating the idea of staying put and extending on ours.
However it is whether we can finance this.
Our house is worth £120k, outstanding mortgage £108, so not much equity. About 5k savings which we are adding to regularily and by time wed look to entend we'd prob have around 10k.
Our credit records are ok, no debt bar 2 cars on finance for me and hubby, equates to 23k, £470 a month.
Incomes 60k a year.
How would be best to finance this, im estimating well need approx 30k.
Could we get loan for 20k, affordability wise it would be better than borrowing 197k on a mortgage.
Potentially we also have access to 11k on credit cards if needed, although that would be a last resort.
Any advice welcome.
Our house is currently on the market with a view to us moving to a 4 bed, although we currently havent had much interest. Weve a DIP from Halifax for up to £197k.
However we are now contemplating the idea of staying put and extending on ours.
However it is whether we can finance this.
Our house is worth £120k, outstanding mortgage £108, so not much equity. About 5k savings which we are adding to regularily and by time wed look to entend we'd prob have around 10k.
Our credit records are ok, no debt bar 2 cars on finance for me and hubby, equates to 23k, £470 a month.
Incomes 60k a year.
How would be best to finance this, im estimating well need approx 30k.
Could we get loan for 20k, affordability wise it would be better than borrowing 197k on a mortgage.
Potentially we also have access to 11k on credit cards if needed, although that would be a last resort.
Any advice welcome.
0
Comments
-
Sorry I meant to post in loans, although if anyone has any advice it is appreciated.0
-
Personally I would focus on overpaying the mortgage and building equity. Then when the time is right draw it down.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354K Banking & Borrowing
- 254.3K Reduce Debt & Boost Income
- 455.2K Spending & Discounts
- 247K Work, Benefits & Business
- 603.6K Mortgages, Homes & Bills
- 178.3K Life & Family
- 261.1K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards