Home Improvements

Flowerhead

We are currently considering major home improvements and wondered how best to finance. We may need £100,000! We paid off our mortgage a few years ago, so any advice would be helpful. Thank you.

ACG

Thats a lot of money for home improvements.

Assuming the property is habbitable and mortgageable then you would be looking at a remortgage, but it could be worth checking with the lender what they would want.

Some would want a list of jobs with quotes from tradesmen for everything, others would just want a list and a rough price.

Flowerhead

Thank you for your reply, much appreciated. We are considering adding a complete new floor to our bungalow and rebuild the garage etc; it may not cost as much as mentioned, but I thought I would ask as an indication. Thanks

dimbo61

Sounds more like Grand Designs and most if no all the builds cost way more than people think.
Adding a floor to a bungalow may cost a lot of money.

maninthestreet

Sell the bungalow and buy a two-storey house with garage instead?

amnblog

Depends what your priorities are Flowerhead.


We did a similar one last year where we secured the applicant a mortgage on an interest only basis with a competitive rate.


On that case a two year product worked well as he was making quite a number of changes to the property.