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!

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?
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 351.7K Banking & Borrowing
  • 253.4K Reduce Debt & Boost Income
  • 454K Spending & Discounts
  • 244.7K Work, Benefits & Business
  • 600.1K Mortgages, Homes & Bills
  • 177.3K Life & Family
  • 258.3K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.2K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.
Update Your Picture