Building Loans

KirstyChat

I’m looking to get a loft extension and pay for this building work out of the equity currently in our property.
Does anyone have any advice on where/how to start?
Is this even possible? Would it cost us more taking equity out or getting a loan for the building work?
We need to remortgage in June so was thinking to enquire with our current mortgage provider prior to this.

Any info would be great thank you! :money:

jonesMUFCforever

If you can pass the affordability and L/V then a mortgage would be your best option IMO.

foxy-stoat

It would depend on the interest rate/length of loan term.

If you can borrow unsecured at a good rate over say 5 years it will cost you less than if you borrowed at a slightly cheaper rate 20 years.

Depend on affordability and credit history.

KirstyChat

Thank you so much for your feedback.
Would you approach the mortgage company telling them your plans and/or other lenders to shop around? Do you reckon this should be done prior to when the current mortgage is up?

:cool: