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Loan for home improvements
Morning,
My partner and I have brought a house in may for renovation. We have decided to add an extention but are about 30k short. What would be the best way to get a loan? We both work full time I am in the armed forces and my partner is a local authority social worker. As we brought the house in May we have no equity in the house
Thanks in advance
My partner and I have brought a house in may for renovation. We have decided to add an extention but are about 30k short. What would be the best way to get a loan? We both work full time I am in the armed forces and my partner is a local authority social worker. As we brought the house in May we have no equity in the house
Thanks in advance
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Comments
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Try applying to a lender perhaps ?
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Sorry if I wasn't clear, I'm asking on advice in the type of loan we should apply for? But yes I will take on board your advice0
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Unsecured loans and or credit cards, you wont be able to get a secured loan with no equity.
How much are you looking at spending on the house and how much extra value are you hoping to put on it?0 -
Good luck with it, a bit risky for me, 100% mortgage, borrowing £30,000 and putting another £30,000 hoping for a pre-tax, pre-fee return of £20,000. What are your plans afterwards, sell it?
You may not make a lot of money when you sell it.0 -
No not selling it will be our family home which is why we want it to be perfect as long as we don't lose money I'm happy.0
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You will only lose money when you sell it, got confused when you said you brought it for renovation.
If you can afford to borrow £30,000 on loans and credit cards, maybe do the 0% shuffle for a few years, then crack on. How much have you saved since May which will go towards your loan repayments?0 -
foxy-stoat wrote: »got confused when you said you brought[sic] it for renovation
Me too, I wondered where it was "brought" from and to!0
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