Loan or Mortgage

GDaines

I'm mortgage free but I want to have an extension built. However, I'm not sure what sort of loan I need.

If I look at home improvement loans, they typically only go up to £50k. On the other hand, mortgages appear directed at first time buyers, people wishing to remortgage/move to another lender, or people wanting to move house of which none of these categories fit.

Where can I get £65k or more over 10 years?

Edi81

You need to look for a mortgage on an unencumbered property. For that value most mortgage lenders will consider your application and it would be cheaper than a loan. 

Sncjw

Before you plunge into. 65k of debt. Are you planning to sell sometime in the future. Would it add 65k or more to the value of the home?

Would it be cheaper to buy a house to the needs you have and sell your current home

GDaines

Sncjw said:

Would it be cheaper to buy a house to the needs you have and sell your current home

House needs a load of work - windows, bathroom and kitchen have all seen better days as I've barely touched them in 20 years, so I'd struggle to sell as it stands for anything other than silly offers. Then to upgrade (why move to something that's no better) and possibly change location would likely cost me £100k+, but to get something I'd really want would be way more - a bungalow around the corner on a large plot that I drive past every day sold within a couple of days of me spotting it for sale for £270k more than I think I'd get for mine. Even something more modest would likely cost me £150k so no, moving doesn't seem likely.

The logical step, therefore, is not only to repair my house (better the devil you know), but to improve it at the same time. Would I get the investment back? No, unlikely, but I'm changing it to live in, not to try to make a few quid on it.

Sandtree

Wouldn't get to hung up on the names, just speak to an independent mortgage broker and they'll advise the appropriate products for you.