Stuck in renovation unable to unlock equity

london21

As others have said build a temporary kitchen to be able to get finabce/mortgage.

Not a fan of bridging loan etc. 

The kitchen is just a basic one doesn't have to be fancy. 

Check Facebook marketplace, ebay, gumtree etc. 

You are already in this situation. Have to focus on solutions and way forward. 

satmanuk44

I think this is prob the path I need to take. Although bit concerned on what the valuation is going to come back with after this extra temp investment. The kitchen currently is a shell so lights, plug sockets floor tiles and doors need to be put in. Wasn't planning on putting doors on until the floor was done and levels etc were sorted.

FreeBear

london21 said: The kitchen is just a basic one doesn't have to be fancy.

One or two 1000mm base units (one to mount a sink in), a free standing cooker, and some worktop offcuts - Shop around, and you'd probably get it all for less than £300.

If you buy new, take a look at Ikea - https://www.ikea.com/gb/en/cat/knoxhult-all-parts-49318/ - Modular units, complete with worktop.

dimbo61

Can you ask family or parents, close friends for help.
Employer ? 
Need to finish off the kitchen and get a good broker

chanz4

satmanuk44 said:

Hi,

So it a bit of a sticky situation bought a house and decided to put on extension. Ran out of money with the whole everything going through the roof during covid. Now I'm stuck on being able to finish things off.

Current mortgage = £225,000
Zoopla valuing house at £300,000 (without kitchen extension / office and utility room thats been added)

Problem lies with my existing debts which I increased to buy materials / bifolds etc. 

Between me and partner:
Credit cards = £45k
Unsecured Loans = £680pm
Total monthly debt payments = £1700

Credit history in regards to no payments and default is perfect. I can pay existing creditors fine but this gives me no room to get the house finished prob need £25,000. But as the old kitchen was ripped out as part of extension house is classed as uninhabitable. Tried to get re-mortgage but valuation guy said no fitted kitchen = uninhabitable. 

Bridging loans only give 75% LTV.

Can anyone think of any options?

Thanks

get a complete kitchen for under £400 complete kitchen: Search Result | eBay

theoretica

satmanuk44 said:

I think this is prob the path I need to take. Although bit concerned on what the valuation is going to come back with after this extra temp investment. The kitchen currently is a shell so lights, plug sockets floor tiles and doors need to be put in. Wasn't planning on putting doors on until the floor was done and levels etc were sorted.

Thinking laterally - is there another room it would be easier to install a cooker and sink in?  To make the 'kitchen' temporarily while the work goes on?