Mortgage Problems

steve5345

Just after a bit of advice if anybody can offer it? We live in a 3 bedroom airey house. Myself, Wife and 3 kids. As the children are starting to grow up we despartely need more space so have looked into building an extension. Here's where the problems start. My current mortgage is with Natwest, they have point blank refused to lend me more money due to the fact that it is an airy house and even though it has had the remedial work done to it it is not to a recognised standard of Natwest. Halifax however will lend me the money but only at 80% loan to value. My house has been valued by an estate agent at £125,000 but the house in front of ours recently just sold for £108,000 (quick sale as the owner had been locked up!!) so I am thinking that Halifax will only value mine at a similar price leaving me well short to complete the extension work. I mentioned to the Halifax Mortgage advisor about taking out a loan to cover the shortfall to get my work done which sent alarm bells ringing and he said if i do that Halifax probably won't lend me the additional money! Catch 22 situation....what do I do? Moving house is an option but we live 3 doors down from the school where the kids go so would be very reluctant to move. Anybody offer any advice??

Socksey

Would a conservatory give you the space you need? cheaper than a full extension as you may struggle to get an extension built within the kind of budget you are looking at. Can you extend into the loft if another bedroom is really essential? again cheaper than a traditional extension.... unless you plan to stay there forever, be careful of making your house the most expensive on the street...