Loft conversion

ShandyAndy_2

Hi All

Been looking at getting our loft converted for several years now, originally was going to re mortgage but now I have built some good savings up I may just use the cash I have and pay outright.

I personally know the tradesmen that will be doing the work, I can foresee a couple of issues. 

The savings are mine and so would mean effectively I’m paying 100% as my wife doesn’t have a lot of savings.

The costs could spiral above my savings and I could end up taking a loan.

I also want to re wire and have a new kitchen. 

Our mortgage is very low so not a massive problem to re mortgage but at the moment have an early leaving fine as have a fixed mortgage. 

Any advice much appreciated.

Thank You 

Emmia

Have you had a conversation about the proposed works and how they might be paid for e.g. savings, loan, mortgage with your wife? What does she think of these plans?

Is there a reason for your disparity in savings - do you earn more? Does she stay at home to look after kids / elderly relatives? How do you normally break finances down - is it a 50/50 split or something else?

Are you thinking of separation/divorce, and want to protect "your" money?  I ask as your post has a lot of "I" and not really a lot of "we".

ShandyAndy_2

Hi

Yes had the conversation and was going to re mortgage, then I looked at my savings and they have shot up recently as not been spending a lot with the restrictions.

I did not want to make my wife aware as she might push for that option but if ever we divorced I would never get my money back, we’re both very happy don’t get me wrong but no one can predict the future.

My wife works part time around looking after kids and I work long hours. 

Doozergirl

I hate to break this to you, but your (singular) savings are your (plural) savings.  Your wife's ability to earn is impeded by her role as the main care giver to your (plural) children.  This last year more than any! 

There wasn't a question in the OP, so I'm not sure what advice you were after, but I'd advise you to value your wife a bit more.    If I discovered that my husband talked in terms like you did, he'd not be my husband any more.  

If you (plural) would like a loft conversion then you (plural) should get one.  

FreeBear

Doozergirl said: If you (plural) would like a loft conversion then you (plural) should get one.  

... And do employ the services of professionals (architect, structural engineer, etc) as & when required. Ensure the work is signed off by Building Control, and don't be fobbed off by any builder that tells you that BC involvement is not required.

Failure to do so could impact on the value of the property and cause issues when you come to sell.

Mickey666

Doozergirl said:

I hate to break this to you, but your (singular) savings are your (plural) savings.  Your wife's ability to earn is impeded by her role as the main care giver to your (plural) children.  This last year more than any! 

There wasn't a question in the OP, so I'm not sure what advice you were after, but I'd advise you to value your wife a bit more.    If I discovered that my husband talked in terms like you did, he'd not be my husband any more.  

If you (plural) would like a loft conversion then you (plural) should get one.  

Well said.  The OP needs to decide if his marriage is a true partnership of whether they are just two people sharing a house.

sgun

Oh ShandyAndy, you are funny, on so many levels. Made me smile anyway (assume that was the intention?)

Emmia

In terms of financing, extending the mortgage will depend on your lender / LTV / wife agreeing if it is a joint mortgage - and will attract interest.

Spending your savings doesn't [edit necessarily] require approval from your wife or lender, but removes a financial safety net (and if push came to shove, savings could be used to pay the mortgage for a bit).  So the question is - how secure is you and your wife's employment/income? 

I think employment/income security, is the crux of the issue, but also a question that people on a forum are unable to answer for you.

ShandyAndy_2

Emmia said:

In terms of financing, extending the mortgage will depend on your lender / LTV / wife agreeing if it is a joint mortgage - and will attract interest.

Spending your savings doesn't require approval from your wife or lender, but removes a financial safety net (and if push came to shove, savings could be used to pay the mortgage for a bit).  So the question is - how secure is you and your wife's employment/income? 

I think employment/income security, is the crux of the issue, but also a question that people on a forum are unable to answer for you.

Many thanks to you for a great reply, yes you are totally correct, I’m thinking of hanging on to my hard earned savings in case of losing my job, so possibly the best option is to put on the mortgage then try and over pay it off if still in a good position savings wise. 

ComicGeek

Doozergirl said:

I hate to break this to you, but your (singular) savings are your (plural) savings.  Your wife's ability to earn is impeded by her role as the main care giver to your (plural) children.  This last year more than any! 

There wasn't a question in the OP, so I'm not sure what advice you were after, but I'd advise you to value your wife a bit more.    If I discovered that my husband talked in terms like you did, he'd not be my husband any more.  

If you (plural) would like a loft conversion then you (plural) should get one.  

Perfect response!

Emmia said:

Spending your savings doesn't require approval from your wife

I would disagree with that - any decision should be made together, it affects the whole household!

Emmia

As the wife is presumably unaware of the exact level of savings (I'm taking a guess at the fact they're in a sole, rather than joint account) he is the one who would have to "release the cash" as she has no power to do this. However, I'm assuming that she's aware he has a savings account with money in it, and this isn't an entirely secret account.

He should discuss and agree the funding of the works with her though - as I pointed out in my first post it was all "I" and not "we".