Funding an Extension to Property

aj9648

Hi

Hope this is the right place for the question....

I am looking to fund an extension to my house and wondering what the most cost efficient way of doing it? It will cost between £60k - £100k depending on what I end up doing.

I have no mortgage left anymore to pay. So can I get another mortgage? Or remortgage? Or is better just to get a personal loan?


Thanks

foxy-stoat

Secured lending will be the way to go. Speak to your bank or broker.

[Deleted User]

Remortgage for home improvements is fairly common. If property is mortgage free this should be a fairly 'cheap' thing to set up.
As long as ltv is decent the rates will be much lower than an unsecured personal loan (albeit with the trade of securing the loan against the property)

aj9648

foxy-stoat wrote: »

Secured lending will be the way to go. Speak to your bank or broker.

Sorry for the stupid question - so I guess that means I can / should be able to get another mortgage to fund the extension?

foxy-stoat

aj9648 wrote: »

Sorry for the stupid question - so I guess that means I can / should be able to get another mortgage to fund the extension?

Yes, your figures are probably too high for unsecured borrowing.

enthusiasticsaver

Secured loan would be the best way.