We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Funding an extension...
ali68
Posts: 17 Forumite
Hi all,
First post and an excellent site by the way. Not sure if this is the correct forum for this question so I stand to be corrected.
My partner and I have recently purchased a semi detached bungalow with both our names in a joint mortgage with Standard Life Bank. We are considering an extension to give us a bit more living space and to add to the value of the property.
Funding this project is a problem if we want to start next spring as planned. I anticipate the cost to be around £20,000.
This is where your help would be appreciated (please send all donations to….nah only joking ;D). I am currently paying into a Pearl Homebuilder policy which is due to mature in 2017 at an approx value of £30,000 as I understand it. The basics of this policy is if I were to ever purchase a property I would already have a foot on the ladder so to speak by paying into this policy and a mortgage would then be based on what had been paid into the above etc. We choose not to use this option when buying the property for other reasons.
My question is would it be possible to use this policy to fund this extension and continue paying the monthly premium of £43 i.e. can I have 2 mortgages running at he same time?
First post and an excellent site by the way. Not sure if this is the correct forum for this question so I stand to be corrected.
My partner and I have recently purchased a semi detached bungalow with both our names in a joint mortgage with Standard Life Bank. We are considering an extension to give us a bit more living space and to add to the value of the property.
Funding this project is a problem if we want to start next spring as planned. I anticipate the cost to be around £20,000.
This is where your help would be appreciated (please send all donations to….nah only joking ;D). I am currently paying into a Pearl Homebuilder policy which is due to mature in 2017 at an approx value of £30,000 as I understand it. The basics of this policy is if I were to ever purchase a property I would already have a foot on the ladder so to speak by paying into this policy and a mortgage would then be based on what had been paid into the above etc. We choose not to use this option when buying the property for other reasons.
My question is would it be possible to use this policy to fund this extension and continue paying the monthly premium of £43 i.e. can I have 2 mortgages running at he same time?
0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.7K Banking & Borrowing
- 253.4K Reduce Debt & Boost Income
- 454K Spending & Discounts
- 244.7K Work, Benefits & Business
- 600.1K Mortgages, Homes & Bills
- 177.3K Life & Family
- 258.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards