Loan for home improvement

sam222

Hi there, just 5 weeks ago bought my council flat, it's old/small, but very happy, now I like to renewing it and make it bigger if possible, what options do I have , or is better for me, home improvement loan, personal loan, secure loan, secure loan. Have my mortgage from Halifax, can I get home improvement loan or any from Halifax and add it up to my mortgage. 
Many thanks for any advice 

[Deleted User]

Of the four options you've listed, there are only two - secured or unsecured loans.  Try an eligibility checker. You're unlikely to be able to get significant credit for a while.

Avoid increasing your mortgage or taking a secured loan.

strawb_shortcake

I don't think you'd be allowed a secured loan on the property, the council have a charge on the property as do your mortgage lenders, if you were to default on the mortgage with another secured debt there wouldn't be enough money from the flat to go round 

sam222

Thanks for your reply, I would like to add that the price of property was 80 k,and my mortgage was only 40k,I don't know if this helps, many thanks 

strawb_shortcake

sam222 said:

Thanks for your reply, I would like to add that the price of property was 80 k,and my mortgage was only 40k,I don't know if this helps, many thanks 

If the flats sells in the next 5 years you have to pay the discount back, so that leaves little wiggle room for increasing your current secured debt on the house.
I'd look at savings and/or unsecured debt to fund any improvement 

Grumpy_chap

sam222 said:

the price of property was 80 k,and my mortgage was only 40k,I don't know if this helps,

That doesn't help as your affordability could still be anything or nothing.

It is only 5 weeks since you completed the purchase - why not wait and settle into your new financial routine before going any further?

[Deleted User]

Completely agree, 'things' (car costs, utilities, etc) will need seeing to left, right, and centre over the next few months and being saddled with any more borrowing could mean getting financially stretched before you've even started - and don't forget what's 'looming' in a few months - that always pushes finances over the top.