Funds for extension

T0P

Hello
I’m keen to do a fairly big extension/refurb to my house. Cost of the extension is 300k and I need to borrow 100k. I am lucky enough to be mortgage free and the house is worth 550k in its current condition.
When I look around for personal loans they all seem to be smaller (25k) than I need. How do I arrange the funds?

kingstreet

Remortgage of an unencumbered property, secured loan, bridging finance?

T0P

Thanks for the quick reply. So to arrange those do I talk to my existing bank, go to a broker?

scotgal30

Broker is your best bet

enthusiasticsaver

You will need to remortgage to raise that sort of money.

dimbo61

Consider an offset mortgage if you have £200,000 in the bank ?
You have £200K towards the extension as you only need to borrow £100K !
The reason I think an offset mortgage is your best bet is you can keep the £100K your borrow in the offset account until you need to pay for building materials or invoices from the various trades / builders.
If you don't spend the full £300K on the extension then you have a smaller mortgage debt. Simples !