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extension Loan

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borich
borich Posts: 79 Forumite
in Loans
Looking to build a single storey rear extension and looks like it will be 20k. I am looking to borrow the money over 2 years and think a secure loan might be the best way forward? we have 25% equity in the house. House is worth 200k.

I earn 40k and the wife earns 16k. we have no outstanding debt.

Comments

  • bargainbetty
    bargainbetty Posts: 3,455 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    Speak to your current bank. They are the first port of call if you have no recent bad credit history and they will go through your options with you.
    Some days, it's just not worth chewing through the leather straps....
    LB moment - March 2006. DFD - 1 June 2012!!! DEBT FREE!



    May grocery challenge £45.61/£120
  • Tixy
    Tixy Posts: 31,455 Forumite
    A house extension is one of the few good reasons for taking out a secured loan IMO. It is likely to be the cheapest way to borrow the funds (with the possible exception of 0% credit cards)

    I would start by contacting your own mortgage lender for a quote.
    A smile enriches those who receive without making poorer those who give
    or "It costs nowt to be nice"
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