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!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Remortgage due - help needed
geordiepaul2001
Posts: 319 Forumite
Hi all,
I'm not sure if this is the best place to ask the question but it's the most appropriate category I could find.
I am due to renew my 3 year fixed mortgage in 6 months and if the Nationwide house price calculator or zoopla are to be believed, then my home has gone up in value by about 20k.
My OH has been asking if we should get the garage converted into another room, and has hinted at a conservatory.
Both things that we couldn't currently afford without borrowing when we renew our mortgage or taking out a loan.
My question is, would borrowing now to get the work done work in our favour when we come to renew?
Obviously the work would increase the value of our home and should therefore lead to a lower interest rate.
Has anyone else tried this or is it best to avoid?
Paul
I'm not sure if this is the best place to ask the question but it's the most appropriate category I could find.
I am due to renew my 3 year fixed mortgage in 6 months and if the Nationwide house price calculator or zoopla are to be believed, then my home has gone up in value by about 20k.
My OH has been asking if we should get the garage converted into another room, and has hinted at a conservatory.
Both things that we couldn't currently afford without borrowing when we renew our mortgage or taking out a loan.
My question is, would borrowing now to get the work done work in our favour when we come to renew?
Obviously the work would increase the value of our home and should therefore lead to a lower interest rate.
Has anyone else tried this or is it best to avoid?
Paul
June 2016 - Pair of Brooks Glycerin 14's
July 2016 - Annual family pass to English Heritage
August 2016 - overnight spa break with dinner and breakfast for two
September - BBQ toolbox
July 2016 - Annual family pass to English Heritage
August 2016 - overnight spa break with dinner and breakfast for two
September - BBQ toolbox
0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.5K Banking & Borrowing
- 254.2K Reduce Debt & Boost Income
- 455.1K Spending & Discounts
- 246.6K Work, Benefits & Business
- 602.9K Mortgages, Homes & Bills
- 178.1K Life & Family
- 260.6K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards