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Funding an extension
DairyLee
Posts: 1 Newbie
Hi folks!
Just looking for some thoughts on the best way to fund a single-story extension to our home.
Our builder is about to start work, knocking walls down.
We will need to borrow £45,000 to complete the work with some additional funds being paid out of savings.
Our Mortgage deal with Santander is due to mature in May this year (2018), although we are currently in the 'renewal window', so could get a new deal now.
Ideally I'd like to take the 'additional borrowing' loan now with Santander and then re-mortgage in May when HOPEFULLY, the building work will be complete and the value of the house will be something a bit (a lot!?) higher.
OR, I could get the new deal now and therefore lock myself into another 2 years and get a 'home improvement' loan from elsewhere.
Any thoughts / pointers would be great!
Thanks very much!
Lee
Just looking for some thoughts on the best way to fund a single-story extension to our home.
Our builder is about to start work, knocking walls down.
We will need to borrow £45,000 to complete the work with some additional funds being paid out of savings.
Our Mortgage deal with Santander is due to mature in May this year (2018), although we are currently in the 'renewal window', so could get a new deal now.
Ideally I'd like to take the 'additional borrowing' loan now with Santander and then re-mortgage in May when HOPEFULLY, the building work will be complete and the value of the house will be something a bit (a lot!?) higher.
OR, I could get the new deal now and therefore lock myself into another 2 years and get a 'home improvement' loan from elsewhere.
Any thoughts / pointers would be great!
Thanks very much!
Lee
0
Comments
-
Hmmm
Starting a 45K project tomorrow with no funds secured .......
What could possibly go wrong ....
:eek:0 -
My thought/pointer? Postpone ALL work until you have the funds in place to complete the job with a little extra for contingency. It is madness to be asking a builder to start work when you don’t have the means to pay for the job.0
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Wow - OP please keep us up to date with progress0
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*Sniff sniff* If it smells like ****....0
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