Mortgage & Conservatory

jase888

Looking to purchase a house shortly, buying with my partner and we have no chain.

Would like to add a conservatory to the house due to its small living room if possible but dont have the cash outright to build a conservatory - firstly can you add this cost to the mortgage easily or not and how would it work?

Or do people recommend paying it on finance i see these companies do this. We plan on living here for a long time as really good size house just has a small living room area.

It would be quite a large conservatory that spans right across back of house so 8-10 metres and about 2.5 wide, so id imagine looking around 10-13k for it.

rhysadams

My friend bought a house and took a cashback mortgage, she used the money to put down a deposit with the local firm. She then used her mortgage broker to help her finance the balance of the conservatory, i think in total it took about 6 weeks.

Lilla_D

Why not put aside the money from your deposit for the conservatory and borrow that much more when you buy the property?

If you only have 5% deposit, so you can't put money aside, then you may need to take a personal loan or get the conservatory building company to give you a finance option.

Re the post above, it needs a bit of explanation/clarification:

"Cashback mortgage" - i.e. a deal with some cashback. Normally the cashback is a few hundred pounds, although once in a while there are a few grand cashback deals available. I wouldn't take it for granted just because someone was lucky enough to get one of those deals.

Financing the balance via the same broker a few weeks after the purchase completed - second charge from another lender or further advance from the same lender. Both can only go up to certain LTV levels, so dependent on OP's situation, it may or may not be an option.

And something totally out of my expertise, but a large addition to the house may require planning permission, so you may want to check the rules whether the planned conservatory falls under permitted development or requires a full planning application.

jase888

Lilla_D wrote: »

Why not put aside the money from your deposit for the conservatory and borrow that much more when you buy the property?

If you only have 5% deposit, so you can't put money aside, then you may need to take a personal loan or get the conservatory building company to give you a finance option.

Re the post above, it needs a bit of explanation/clarification:

"Cashback mortgage" - i.e. a deal with some cashback. Normally the cashback is a few hundred pounds, although once in a while there are a few grand cashback deals available. I wouldn't take it for granted just because someone was lucky enough to get one of those deals.

Financing the balance via the same broker a few weeks after the purchase completed - second charge from another lender or further advance from the same lender. Both can only go up to certain LTV levels, so dependent on OP's situation, it may or may not be an option.

And something totally out of my expertise, but a large addition to the house may require planning permission, so you may want to check the rules whether the planned conservatory falls under permitted development or requires a full planning application.

Thanks for the responses, thats what i was wondering can you ask a mortgage provider to lend an extra £10k for the conservatory?

Basically we have a house we like for 190k, we have 20k deposit so would need to lend 170k. But could we lend 180k that way we can use 10k for conservatory.

Yeah checked the whole planning permission side of things and it falls under permitted development

Lilla_D

Ok, so you have 10% deposit - this way you can't take a second charge or a further advance.

Dependent on your affordability (i.e. how much you can borrow based on your incomes, outgoings, age, etc.), it is possible to borrow £180k on a £190k property. Your interest rate will be higher and your lender options are restricted, but in theory it can be done. If you go through a broker, they can advise you re possible options based on your circumstances and arrange it for you.