We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Releasing equity
t3rm3y2
Posts: 18 Forumite
Hello hopefully this is the right place to ask. We are looking at a loft conversion but do not have the money to pay so would be looking at a loan or taking some of the equity in the house. But I don't know what is best or how to do it. If the conversion was 30k for instance can I just take this from the mortgage lender and add the amount to the mortgage loan? Or does this become costly? Is there better ways?
0
Comments
-
You can release equity, if you have enough. What's your mortgage product (LTV), term and how much equity do you have in your home?0
-
We have 2 years left on the current fixed plan, around 17 years left in total. Not sure on the mortgage product - where do I find this? We believe there to be approx 80k equity based on what similar houses sell for in area.0
-
0
-
Contact your lender, say you'd like to borrow an extra £30k for home improvements, say over what period (you might align it with your existing 17 year plan?) and see what it would cost.0
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.7K Banking & Borrowing
- 253.4K Reduce Debt & Boost Income
- 454K Spending & Discounts
- 244.7K Work, Benefits & Business
- 600.2K Mortgages, Homes & Bills
- 177.3K Life & Family
- 258.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards