£20000 loan

kevinhartshorn

work wont start until spring. The bathroom desperately needs replacing but would be a waste of money to do it now then rip it all out in a years time for the extension.

Gaz83

You're not going to get it unsecured, not on a £28k salary and with no evidence that you have any surplus at the end of the month (i.e. savings).

A further addition to your mortgage could be possible, but as has been said this probably won't be allowed because of the age of your mortgage, and the very real possibility that your LTV will then become too high.

What's your outstanding mortgage and what's the value of the house?

Octaben

I earn a similar amount and was offered 20k 6 months ago from my bank. I only borrowed 10, which will be paid back in the next 5 months.

You don't mention how much your partner earns but assuming she's earning as well, it doesn't seem such a ridiculous idea

Gaz83

Octaben wrote: »

I earn a similar amount and was offered 20k 6 months ago from my bank. I only borrowed 10, which will be paid back in the next 5 months.

You don't mention how much your partner earns but assuming she's earning as well, it doesn't seem such a ridiculous idea

Define 'offered'.

Octaben

Loan approved and one click away from being transferred into my account

Gaz83

Octaben wrote: »

Loan approved and one click away from being transferred into my account

Fair enough.

I asked because many people come on here and say they've been offered a £25,000 loan because they've received a flyer through the door 'offering' loans of up to £25,000 (subject to status, of course).

Can I ask, however, were you in the same position of having taken out a mortgage less than a year ago?

Octaben

I was 16 months into a mortgage at the time, which is not with my bank.

Obviously everyone's situation is different and I wouldn't presume to give anyone advice, just sharing my own experience

It also depends what sort of rate you'd be likely to get, my loan is in the 3-4% range so is more affordable anyway

Herzlos

kevinhartshorn wrote: »

work wont start until spring. The bathroom desperately needs replacing but would be a waste of money to do it now then rip it all out in a years time for the extension.

That at least gives you 4 months to save up, so you'll have at least £1200 in cash and only need to borrow £18800 :j

If you can't get £1200 in savings in 4 months, you can't afford the loan repayments.

kevinhartshorn

House is worth 210,000, we owe around 179,000. I didn't mention my partner because she is on maternity leave. She is currently employed full time on around 13k but will go back to work in March part time. Didn't want to take her wages into consideration because we are not sure what she will be earning and its good to keep that money as a backup if think don't go to plan.
Think I will put some money in savings each month to show we can afford it then try a loan first.
I take it a loan is the best option if I can get one?

Herzlos

kevinhartshorn wrote: »

I take it a loan is the best option if I can get one?

Saving is the best option unless either:

1. You can't wait or
2. You save more than the interest you pay due to the work (new boiler/glazing/insulation, for instance).