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Funding extension
allyoops01
Posts: 3 Newbie
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
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https://forums.moneysavingexpert.com/discussion/6167989/funding-house-extension#latest
Did you consider the replies in your other thread?
Pay the outstanding mortgage off otherwise there is no house to inherit. Title cannot be transferred while the mortgage is outstanding.
What's your income?
Raise a mortgage on your current property, do the work on the inherited property, move in, sell old house.
One for a broker.
Mortgage started 2020, aiming to clear 31/12/2029.0
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