Planning for an extension

Zola.

We wish to extend our small and narrow kitchen and turn it into a bigger area with more liveable space.

We wont be doing this at least until next year as getting married this year, but how do you go about this?

For any of you who have extended, did you save all the money up first? Get a loan? Or add it to the mortgage?

saverbuyer

Zola. wrote: »

We wish to extend our small and narrow kitchen and turn it into a bigger area with more liveable space.

We wont be doing this at least until next year as getting married this year, but how do you go about this?

For any of you who have extended, did you save all the money up first? Get a loan? Or add it to the mortgage?

Saved up for mine.


Unless you have some LTV to play with, you'll not be able to add to the mortgage. You could try a secured loan, but then again you need the to LTV to play with. You can't get a loan based on increase in value because it's unknown what the new value will be.


Unsecure loan is possible, but the earning need to match the loan i.e. not going to get a 25k loan on 25k salary.

marc81

We are part way through an extension at the moment. To fund it we added to our mortgage, we were at 75% LTV and Natwest allowed us to borrow up to 90%. Depends on your circumstance though I suppose, we needed to raise funds quickly as my wife fell pregnant and we needed an extra bedroom sorting as soon as. Most people will say (as this is a money saving forum) if you can, then save up but this isn't always possible. There are some good loan rates available to, Tesco do just over 3% on some of their larger loans.