Funding an Extension to Property

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aj9648
aj9648 Posts: 1,372 Forumite
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in Mortgages & endowments
Hi

Hope this is the right place for the question....

I am looking to fund an extension to my house and wondering what the most cost efficient way of doing it? It will cost between £60k - £100k depending on what I end up doing.

I have no mortgage left anymore to pay. So can I get another mortgage? Or remortgage? Or is better just to get a personal loan?


Thanks

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  • foxy-stoat
    foxy-stoat Posts: 6,879 Forumite
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    Secured lending will be the way to go. Speak to your bank or broker.
  • [Deleted User]
    [Deleted User] Posts: 0 Newbie
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    Remortgage for home improvements is fairly common. If property is mortgage free this should be a fairly 'cheap' thing to set up.
    As long as ltv is decent the rates will be much lower than an unsecured personal loan (albeit with the trade of securing the loan against the property)
  • aj9648
    aj9648 Posts: 1,372 Forumite
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    foxy-stoat wrote: »
    Secured lending will be the way to go. Speak to your bank or broker.

    Sorry for the stupid question - so I guess that means I can / should be able to get another mortgage to fund the extension?
  • foxy-stoat
    foxy-stoat Posts: 6,879 Forumite
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    aj9648 wrote: »
    Sorry for the stupid question - so I guess that means I can / should be able to get another mortgage to fund the extension?


    Yes, your figures are probably too high for unsecured borrowing.
  • enthusiasticsaver
    enthusiasticsaver Posts: 15,594 Ambassador
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    Secured loan would be the best way.
    I’m a Forum Ambassador and I support the Forum Team on the Debt free Wannabe, Budgeting and Banking and Savings and Investment boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
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