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Home refurbishment financing
PaulS1981
Posts: 5 Forumite
Just looking for some advice
I currently own a property which is valued by Halifax at around £270k. I recently extended my mortgage to take £60k of additional borrowing (mortgage is now £216k) to fund some renovations and improvements. In the process of looking into this I have involved an architech to see if we can extend and change the layout of the property (gave her an approximate figure of £60k to work with). She has finally after a few iterations come back with a layout we like and submitted to her usual builder for some costing. The builder has said he thinks the changes would be approximately £150k, which obviously is well in excess of the initial budget.
I am looking at all options (including doing nothing), but would be interested to know what others might have done to fund a project like this. Affordability isnt really an issue, my partner and I have an income of around £4.5k per month with no debt. We have close to 100k of the budget in cash but would need around another £50-60k to go ahead with the project.
Any advise would be gratefully accepted
I currently own a property which is valued by Halifax at around £270k. I recently extended my mortgage to take £60k of additional borrowing (mortgage is now £216k) to fund some renovations and improvements. In the process of looking into this I have involved an architech to see if we can extend and change the layout of the property (gave her an approximate figure of £60k to work with). She has finally after a few iterations come back with a layout we like and submitted to her usual builder for some costing. The builder has said he thinks the changes would be approximately £150k, which obviously is well in excess of the initial budget.
I am looking at all options (including doing nothing), but would be interested to know what others might have done to fund a project like this. Affordability isnt really an issue, my partner and I have an income of around £4.5k per month with no debt. We have close to 100k of the budget in cash but would need around another £50-60k to go ahead with the project.
Any advise would be gratefully accepted
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Comments
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I'm in the same similar position, albeit looking to borrow much less. I've gone down the route of a personal loan ; a comparison site and reviewed my options from this.0
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