Home improvement financing

19 Posts

Hi all- not posted here for a long time!
We have been in our house for 9 years and not done very much to it. Nothing needs doing desperately but it is very dated and a bit old fashioned. I got a quote to knock through our downstairs to create a kitchen/living space, garage conversion and porch extension- came out at 100k! I contacted the bank just to see what was possible. Our income is decent, and we have little debt, but we have 2 kids in private school. Without the private school fees the bank would easily offer us the full amount, but when they were factored in, the offer dropped to £16K!
Do we have any options? I am in no way expecting to find £100K but we may have other options at around £50K. Are we likely to be turned down for a secured loan for the same reasons? We would of course ensure that we can afford the repayments.
We have been in our house for 9 years and not done very much to it. Nothing needs doing desperately but it is very dated and a bit old fashioned. I got a quote to knock through our downstairs to create a kitchen/living space, garage conversion and porch extension- came out at 100k! I contacted the bank just to see what was possible. Our income is decent, and we have little debt, but we have 2 kids in private school. Without the private school fees the bank would easily offer us the full amount, but when they were factored in, the offer dropped to £16K!
Do we have any options? I am in no way expecting to find £100K but we may have other options at around £50K. Are we likely to be turned down for a secured loan for the same reasons? We would of course ensure that we can afford the repayments.
0
Latest MSE News and Guides
Replies
Unless of course you live in London
Those are the options. Income and outgoings.
And clear your existing debt before taking on more.
.withdrawal, NOT withdrawel ..bear with me, NOT bare with me
.definitely, NOT definately ......separate, NOT seperate
should have, NOT should of .....guaranteed, NOT guarenteed
Treasure the moments that you have. Savour them for as long as you can for they will never come back again.
games from 80's where you've got to get everyone over the river in the raft
wouldn't recommend it for house reno but for stuff like a car purchase I'd take it over taking out expensive car finance
other challenge would be having the access to cash. Some cards like mbna let you have it in a bank account but most is transfers to other cards and cash withdrawals are expensive
A lot of materials can be bought on the credit cards (kitchen, bathroom fixtures, flooring etc), but you will also live off them, and direct all you your salary minus the mortgage at the renovation.
I always had a clear plan for repaying them within their 0% periods, but as time went on I found that I was able to balance transfer them without fees and build up savings. I've now ended up with a stooze pot, and always make sure I can pay off the cards if there is no BT available. Now that interest rates have gone up, the stooze pot is doing nicely.
Agree it's a trap for the greedy. The key is to see the trap, navigate it and not over extend yourself.
.withdrawal, NOT withdrawel ..bear with me, NOT bare with me
.definitely, NOT definately ......separate, NOT seperate
should have, NOT should of .....guaranteed, NOT guarenteed