loan or mortgage for home improvements

needabargainorjusthelp

i live in a house owned by my mum, we want to put a extension on the rear, there is no mortgage on the property how do we find out what would be best a mortgage or loan, ideally wanting to pay it back over 10 years at looking to borrow around £50,000

foxy-stoat

You need to get your mum to apply for a mortgage, depending on age and affordability she should be able to do this, speak to a broker or her bank to see what they can offer.

Unlikely she will be able to get £50K unsecured.

Whats_your_forte

Mortgage. First charge on the property is the cheapest way to borrow such an amount. Would have to fit the lender's criteria with Mum's income and other details. If this doesn't work, others may have to go on the mortgage application. 

needabargainorjusthelp

Thank you, Whats_your_forte said:

Mortgage. First charge on the property is the cheapest way to borrow such an amount. Would have to fit the lender's criteria with Mum's income and other details. If this doesn't work, others may have to go on the mortgage application. 

Thank you
This all very new to us, my mum purchased he house with her husband many over 20 years ago and she went with the lender that charged her the least, the house I live in was inherited, is a first charge a mortgage? or a loan

foxy-stoat

Its a mortgage, you can ask the same question on the loans board if you like....oh wait, you already have.

needabargainorjusthelp

foxy-stoat said:

Its a mortgage, you can ask the same question on the loans board if you like....oh wait, you already have.

thought it would be best to cover all bases, thank you very much