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Additional Borrowing on Mortgage for Home Improvements
SonicDad777
Posts: 16 Forumite
Hi advice and ideas please.
We live in an ex local authority, 1920s, 4-bed semi town-house between Cambridge and Stansted, value currently £600K (3.04% fixed expires 1st Oct '27)
Mortage Balance currently £173K with 3.5 years left on deal
(Mortage is £1030 pm)
No cc debts and all loans cleared.
We'd like to do some home improvements of around £50K-£75K for rear extension and some repairs.
I'm a 52yo self employed freelancer with fluctuating income and partner is a 52yo part-time teacher so household income is around £70K.
Who would you approach for the additional funds required? Current mortgage provider? A new mortgage provider for a 2nd charge? An unsecured home-improvements loan?
Anyone with experience in this scenario would love to hear your thoughts.
TIA
We live in an ex local authority, 1920s, 4-bed semi town-house between Cambridge and Stansted, value currently £600K (3.04% fixed expires 1st Oct '27)
Mortage Balance currently £173K with 3.5 years left on deal
(Mortage is £1030 pm)
No cc debts and all loans cleared.
We'd like to do some home improvements of around £50K-£75K for rear extension and some repairs.
I'm a 52yo self employed freelancer with fluctuating income and partner is a 52yo part-time teacher so household income is around £70K.
Who would you approach for the additional funds required? Current mortgage provider? A new mortgage provider for a 2nd charge? An unsecured home-improvements loan?
Anyone with experience in this scenario would love to hear your thoughts.
TIA
0
Comments
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Have a word with current lender 1st.Life in the slow lane1
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Further advance with your current lender is likely to be the cheapest option1
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1. Least expensive option will be current mortgage company.
2. Secured loan will do the job but cost more
3. Unsecured loan, you will need a few to get to that level of borrowingI am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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