£100K loan for an extension

PhilJL20

Hi All


Hoping you can help me out with some advice.


I'm looking to extend my house with a double extension on the side and a single at the rear. In total, this will cost approximately £90K.


I've approached my mortgage provider but they can only offer £33K of additional borrowing.


We don't have any savings, and as the mortgage company can't help, what are my options, if any?


Many thanks


Phil

PeacefulWaters

See a mortgage broker?

PhilJL20

PeacefulWaters wrote: »

See a mortgage broker?

I have four years left to go on my current mortgage. Would the broker look to get us a second mortgage?


Sorry, totally in the dark when it comes to this.


Cheers.

Bogalot

What is your existing mortgage and what is your income?

If you have no savings that indicates you have no spare income. How would you repay additional borrowing?

PhilJL20

Bogalot wrote: »

What is your existing mortgage and what is your income?

If you have no savings that indicates you have no spare income. How would you repay additional borrowing?

Household income before tax is £80K.


Our outstanding mortgage amount is £148K with a monthly payment of £666.


We have no debt, , no kids, and as we only moved in to the house three years a go, any spare cash has been spent on the house, hence no savings.

jonesMUFCforever

48 repayments of £666 come to £31968 - nowhere near £148k that is outstanding.
If you have no kids why the need for a massive extension?

PhilJL20

jonesMUFCforever wrote: »

48 repayments of £666 come to £31968 - nowhere near £148k that is outstanding.
If you have no kids why the need for a massive extension?

What I meant by four years left on my mortgage was: four years left on this particular deal.


In total, I have 24 years left on the whole mortgage life.

Richey_

Phil main question is how much equity do you have in the property if you have £148k to go?

PhilJL20

Richey_ wrote: »

Phil main question is how much equity do you have in the property if you have £148k to go?

About £54k equity.

leespot

Have you considered moving somewhere that's slightly bigger rather than trying to raise the funds? Would you add much value to your current home by spending that much on extending it?

PhilJL20

leespot wrote: »

Have you considered moving somewhere that's slightly bigger rather than trying to raise the funds? Would you add much value to your current home by spending that much on extending it?

Unfortunately, moving is not an option.

Any advice about the original question would be greatly received.

Cheers

Phil