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what is the best way to borrow for home improvements/extension/loft conversion?

Aweswain
Aweswain Posts: 3 Newbie
in Loans
I would like to convert my loft or extend plus make some home improvements. What is the best way to borrow money? Should I borrow from my mortgage provider or get a secured loan?

Thanks

Comments

  • Foxy-Stoat_3
    Foxy-Stoat_3 Posts: 2,980 Forumite
    Depends how much you need, how much your property is worth, your current mortgage balance, if you are in a fixed rate deal and what you can afford to repay.
    "Dream World" by The B Sharps....describes a lot of the posts in the Loans and Mortgage sections !!!
  • Aweswain
    Aweswain Posts: 3 Newbie
    Probably looking at borrowing somewhere around £35-50k. There is no problem with equity as the house is probably worth 3 times what is currently owed
  • Aweswain
    Aweswain Posts: 3 Newbie
    Oh and we are in a good deal with the mortgage currently tracking base rate at +0.49% I think
  • Foxy-Stoat_3
    Foxy-Stoat_3 Posts: 2,980 Forumite
    Try your lender and see if they will let you borrow the money.
    "Dream World" by The B Sharps....describes a lot of the posts in the Loans and Mortgage sections !!!
  • ran123ran_2
    ran123ran_2 Posts: 71 Forumite
    Aweswain wrote: »
    Oh and we are in a good deal with the mortgage currently tracking base rate at +0.49% I think

    I doubt you will get that on any additional borrowing.

    Who is your current lender?
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