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finance an extension

Morning .
not sure where it was best to put this thread so if in incorrect place please move)
in the process of planning an extension and renovation to our property .Have a good architect involved and getting on with the design process (slow going at the moment )
Our current mortgage had now come to the end of its three year fixed rate so we have reverted back to our lenders base rate.
We have spoken to our mortgage adviser regarding remortgaging as we will need to borrow to pay for the works .
she has now come back to us and said that we won't be able to remortgage to the amount we wish until we have planning permission in place ,which going by our architect will take at least 5 months more based on the turnaround time at our local council .
So i am wondering if there are any other options (i hate the idea of paying more for 6 months when that money could go on the work needed .thanks for any suggestions

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  • SueP19SueP19 Forumite
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    stcyrus wrote: »
    Morning .
    not sure where it was best to put this thread so if in incorrect place please move)
    in the process of planning an extension and renovation to our property .Have a good architect involved and getting on with the design process (slow going at the moment )
    Our current mortgage had now come to the end of its three year fixed rate so we have reverted back to our lenders base rate.
    We have spoken to our mortgage adviser regarding remortgaging as we will need to borrow to pay for the works .
    she has now come back to us and said that we won't be able to remortgage to the amount we wish until we have planning permission in place ,which going by our architect will take at least 5 months more based on the turnaround time at our local council .
    So i am wondering if there are any other options (i hate the idea of paying more for 6 months when that money could go on the work needed .thanks for any suggestions

    Didn't want to read and run, I had to read it a few times to get the gist BUT I take it you would like to remortgage now to avoid your variable rate??

    At this point I think it depends on many factors, how much is the variable compared to the rate in 6 months, how much is the extension. You need to really do a bit of maths here :)
    Mort Oct 15 [STRIKE]£70,353[/STRIKE] [STRIKE]£66,422[/STRIKE] £58,804 MF [STRIKE]Dec 31[/STRIKE] Jun 31([STRIKE]191[/STRIKE] 176 mnths)
    EF 2016 £700/£1,000 Debt [STRIKE]May 09 £30,217[/STRIKE][STRIKE]Oct 17 £14,093[/STRIKE]Nov 18 £6,336.12[/B]
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