Additional Borrowing on Mortgage for Home Improvements

SonicDad777
SonicDad777 Posts: 16
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edited 7 February at 4:38PM in Mortgages & endowments
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

Comments

  • born_again
    born_again Posts: 13,520
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    Have a word with current lender 1st.
    Life in the slow lane
  • housebuyer143
    housebuyer143 Posts: 3,151
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    Further advance with your current lender is likely to be the cheapest option 
  • amnblog
    amnblog Posts: 12,378
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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 borrowing
    I 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.
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