Financing extension

El_Selb

We need about 70k to finance e extension/renovation on a 600k house with 400k ish mortgage. 

We were told to seek a Further Advance with our mortgage provider, but sadly Sainsburys bank are no longer doing this type of lending/mortgages full stop. 

We don't want to 1) remortgage entirely and lose our 2% interest for the remaining 2 years, so providers like Nationwide are out (they would only remortgage).

Wondering the best way of obtaining the 70k at a reasonable interest rate?

K_S

@el_selb Whether the rates offered to you are 'reasonable' or not is subjective and will depend on the specifics, but if you can't do an FA and have ruled out a capital-raise remo, then your options are likely limited to a second-charge loan (secured on the property) or a personal loan (I'm not well versed with the personal loan space but I think 70k would be a stretch).

El_Selb said:

We need about 70k to finance e extension/renovation on a 600k house with 400k ish mortgage. 

We were told to seek a Further Advance with our mortgage provider, but sadly Sainsburys bank are no longer doing this type of lending/mortgages full stop. 

We don't want to 1) remortgage entirely and lose our 2% interest for the remaining 2 years, so providers like Nationwide are out (they would only remortgage).

Wondering the best way of obtaining the 70k at a reasonable interest rate?

simon_or

You need a second charge loan. I suspect the rates will be around 5-7% or higher.