need sone home inprovments done

fkelanne

we have been in our first home for 1 year now, we got a fixed rate till next june. The amount of mortgage was 90k we put 4k down as deposted and got the house for 86k. We need a new bathroom as this one is falling to bit.
What is our best option? Our mortage is £550 a month and we have another loan for car at £382 a month and got 16 months left on that.

JuiceFS

This will depend on two things primarily. What is the house worth now? What income do you have to support the extra commitment? Affordability and risk are going to be the two key areas for you to consider. You may be able to ask your current lender for a 'further advance' to access funds (secured against the property) against any equity in your home. It doesn't sounds like you are in a position to re-mortgage without facing early repayment charges, so leave your existing mortgage alone until next june. Or you may wish to approach your bank for an unsecured loan, it will depend on how much you need to borrow and whether you are able/willing to secure a debt against your home.

Kez100

Unless the bathroom is a health or flooding hazard you need to save £100 a month and get it done once you have enough money. If you can only save £50 a month, then do so, it will just take twice as long to save (but once the car loan runs out you can save a lot more per month).

In the meantime, busy yourself drawing pictures of the bathroom you hope to have and put colour schemes together, etc. Also get prices for fitting if you are not doing it yourself once your savings have grown.

It took us eight years to fit a new kitchen here. We lived with a 1960's formica topped kitchen until we have saved enough. The primrose yellow bathroom took 12 years to get refitted.

fkelanne

my OH half has £1360 pay every 4 weeks. i get £1470 every 4 weeks, we have £1595 utgoings and thats with everythink in.
We would only want £3000 to get they bathroom we want and fitter.
Im not down on the mortage due 2 bad credit, but put half the money in every month 2wards bills. can my oh still claim my money when applying for a loan?

~Beanie~

fkelanne wrote: »

my OH half has £1360 pay every 4 weeks. i get £1470 every 4 weeks, we have £1595 utgoings and thats with everythink in.
We would only want £3000 to get they bathroom we want and fitter.
Im not down on the mortage due 2 bad credit, but put half the money in every month 2wards bills. can my oh still claim my money when applying for a loan?

If those incoming and outgoings are accurate, you should have c£1200 per month left over. If you save £1000 of this it will only take 3 months to get your bathroom.

To answer your question though, your OH can only include your income on the loan application if you are going to be on it, which with bad credit you probably won't be. If he already has a mortgage and car finance in his name, he may well find that he can't get a loan as affordability will come into it and they won't be including your wages. Save up, it's the best way.

allan673

I would personally save for the bathroom, shouldnt take too long for you, 6 to 12 months ?
you will feel better knowing youve saved cash for it and not got into debt for it.
just my opinion for what its worth?
if your desperate then get a bank loan maybe.
(£3000 over 3 years is around £100 per month)

poppyangel

I would definitely save for it too.

JuiceFS

fkelanne wrote: »

my OH half has £1360 pay every 4 weeks. i get £1470 every 4 weeks, we have £1595 utgoings and thats with everythink in.
We would only want £3000 to get they bathroom we want and fitter.
Im not down on the mortage due 2 bad credit, but put half the money in every month 2wards bills. can my oh still claim my money when applying for a loan?

I'd be inclined to wait and save. Your income cannot be included if you are not on the loan application and if you have bad credit history, by going on the application this will only cause problems either by obtaining the loan but on a really high rate because of your history OR you get declined. You could do the bathroom a bit at a time if you can't wait! Good luck