House renovations

MCDRA

Hi all,

New to this forum so not sure if this is the best place to post this, but I'm looking for some thoughts/ideas/views.

We've just sold our first house and bought a larger property, due to moving area the new larger property was only £10k more than we sold our first home for.

The Financials of the purchase were, we had 3 years left on our 5 year fix from the first house so ported that over as the rate was/is 4%.

Property purchase price: £380k
Mortgage: £360k

The house we have purchased was originally on the market for £450k, we managed to negotiate it to £397.5k due to the seller needing a quick sale and us having a small chain and then down to £380k on the back of the survey.

Now my question is, there are £80k to £120k worth of renovations/ extension that we want to do to the house over the next 3-5 years. Some things being more urgent than others. What would people suggest as being the best way to fund the renovations and extension?

Thanks in advance 

gwynlas

If you can then the best way to finance the renovation would be by saving hard and using cash.

Given you already appear to have a very high LTV i doubt that you raise any more money through current lender