We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 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!
funding house extension
Options

allyoops01
Posts: 3 Newbie

in Loans
Hi,looking for some advice re: funding a home extension.
I have inherited a property worth £150000 with a £15000 interest only mortgage outstanding.
I have had plans drawn up for an extension costing £45000
I currently live with my partner of 20 years in a property with a valuation of £130000 and an outstanding mortgage of £30000 the mortgage is in her name.
We do not have the funds available to finance the extension without first selling the property that we currently live in,and due to the nature of the extension we would be unable to live in the new property until the extension was finished.
What in your opinion would be the least expensive way to raise the necessary capital to fund the project.
I am 65 years old and work part time
my partner is 58 and works full time.
We both have a good credit history.
Thanks for taking the time to read this,hope you have some positive input.
I have inherited a property worth £150000 with a £15000 interest only mortgage outstanding.
I have had plans drawn up for an extension costing £45000
I currently live with my partner of 20 years in a property with a valuation of £130000 and an outstanding mortgage of £30000 the mortgage is in her name.
We do not have the funds available to finance the extension without first selling the property that we currently live in,and due to the nature of the extension we would be unable to live in the new property until the extension was finished.
What in your opinion would be the least expensive way to raise the necessary capital to fund the project.
I am 65 years old and work part time
my partner is 58 and works full time.
We both have a good credit history.
Thanks for taking the time to read this,hope you have some positive input.
0
Comments
-
Im a bit confused, you have inherited a house with an outstanding mortgage of £15k. Im guessing this is the original purchase price when you say it is an interest only mortgage. So you need to find £15k to pay off this mortgage and £45k for the extension. Best way to do it is to sell the house your in. this gives you approx £100k equity, rent somewhere while the extension is being done and move in... This will put you in the new house mortgage free
0 -
I am with the rent for 6 months, sell your current property and use the £100,000 cash equity to build your extension and clear the outstanding debt on the property and live mortgage free.0
-
Say you get the extension done whats the plan for the house you have inherited ?
0
Confirm your email address to Create Threads and Reply

Categories
- All Categories
- 350.9K Banking & Borrowing
- 253.1K Reduce Debt & Boost Income
- 453.5K Spending & Discounts
- 243.9K Work, Benefits & Business
- 598.8K Mortgages, Homes & Bills
- 176.9K Life & Family
- 257.2K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards