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Funding a home extension
Hi,
I purchased my home, solely, 3 years ago for 200k. My partner has now moved in and we would like to extend the house.
There is 172k left on the mortgage, current value 225k
Build cost is around 130k and the home with extension is valued at 360k.
My finances haven't changed since I purchased my home However my partner is self employed with 1 year of accounts.
We're struggling to find a lender to do a build mortgage due to my partner being self employed. Affordability is not an issue.
Any suggestions on how we can finance the build until we remortgage post build?
Thanks
C
I purchased my home, solely, 3 years ago for 200k. My partner has now moved in and we would like to extend the house.
There is 172k left on the mortgage, current value 225k
Build cost is around 130k and the home with extension is valued at 360k.
My finances haven't changed since I purchased my home However my partner is self employed with 1 year of accounts.
We're struggling to find a lender to do a build mortgage due to my partner being self employed. Affordability is not an issue.
Any suggestions on how we can finance the build until we remortgage post build?
Thanks
C
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If you can't be the best -
Just be better than you were yesterday.0 -
Hi,
I purchased my home, solely, 3 years ago for 200k. My partner has now moved in and we would like to extend the house.
There is 172k left on the mortgage, current value 225k
Build cost is around 130k and the home with extension is valued at 360k.
My finances haven't changed since I purchased my home However my partner is self employed with 1 year of accounts.
We're struggling to find a lender to do a build mortgage due to my partner being self employed. Affordability is not an issue.
Any suggestions on how we can finance the build until we remortgage post build?
Thanks
C
........But it is absolutely clear to the lender that affordability is a major issue. You will have a huge mortgage which they think that you will not be able to afford in the event that your partner's business fails.
Do you need to build the extension now?0
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