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  • FIRST POST
    • T0P
    • By T0P 12th Oct 18, 8:08 PM
    • 2Posts
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    T0P
    Funds for extension
    • #1
    • 12th Oct 18, 8:08 PM
    Funds for extension 12th Oct 18 at 8:08 PM
    Hello
    Iím keen to do a fairly big extension/refurb to my house. Cost of the extension is 300k and I need to borrow 100k. I am lucky enough to be mortgage free and the house is worth 550k in its current condition.
    When I look around for personal loans they all seem to be smaller (25k) than I need. How do I arrange the funds?
Page 1
    • kingstreet
    • By kingstreet 12th Oct 18, 8:14 PM
    • 34,261 Posts
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    kingstreet
    • #2
    • 12th Oct 18, 8:14 PM
    • #2
    • 12th Oct 18, 8:14 PM
    Remortgage of an unencumbered property, secured loan, bridging finance?
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, 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. Please do not send PMs asking for one-to-one-advice, or representation.
    • T0P
    • By T0P 12th Oct 18, 10:04 PM
    • 2 Posts
    • 0 Thanks
    T0P
    • #3
    • 12th Oct 18, 10:04 PM
    • #3
    • 12th Oct 18, 10:04 PM
    Thanks for the quick reply. So to arrange those do I talk to my existing bank, go to a broker?
    • scotgal30
    • By scotgal30 14th Oct 18, 12:52 AM
    • 54 Posts
    • 22 Thanks
    scotgal30
    • #4
    • 14th Oct 18, 12:52 AM
    • #4
    • 14th Oct 18, 12:52 AM
    Broker is your best bet
    • enthusiasticsaver
    • By enthusiasticsaver 14th Oct 18, 9:12 AM
    • 7,214 Posts
    • 15,719 Thanks
    enthusiasticsaver
    • #5
    • 14th Oct 18, 9:12 AM
    • #5
    • 14th Oct 18, 9:12 AM
    You will need to remortgage to raise that sort of money.
    Debt free and mortgage free and early retiree. Living the dream

    I'm a Board Guide on the Debt-Free Wannabe, Mortgages and Endowments, Banking and Budgeting boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of moneysavingexpert.com. Pease remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com
    • dimbo61
    • By dimbo61 14th Oct 18, 10:07 AM
    • 10,046 Posts
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    dimbo61
    • #6
    • 14th Oct 18, 10:07 AM
    • #6
    • 14th Oct 18, 10:07 AM
    Consider an offset mortgage if you have £200,000 in the bank ?
    You have £200K towards the extension as you only need to borrow £100K !
    The reason I think an offset mortgage is your best bet is you can keep the £100K your borrow in the offset account until you need to pay for building materials or invoices from the various trades / builders.
    If you don't spend the full £300K on the extension then you have a smaller mortgage debt. Simples !
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