Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

    • T0P
    • By T0P 12th Oct 18, 7:08 PM
    • 2Posts
    • 0Thanks
    Funds for extension
    • #1
    • 12th Oct 18, 7:08 PM
    Funds for extension 12th Oct 18 at 7:08 PM
    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, 7:14 PM
    • 35,054 Posts
    • 19,085 Thanks
    • #2
    • 12th Oct 18, 7:14 PM
    • #2
    • 12th Oct 18, 7:14 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, 9:04 PM
    • 2 Posts
    • 0 Thanks
    • #3
    • 12th Oct 18, 9:04 PM
    • #3
    • 12th Oct 18, 9:04 PM
    Thanks for the quick reply. So to arrange those do I talk to my existing bank, go to a broker?
    • scotgal30
    • By scotgal30 13th Oct 18, 11:52 PM
    • 71 Posts
    • 35 Thanks
    • #4
    • 13th Oct 18, 11:52 PM
    • #4
    • 13th Oct 18, 11:52 PM
    Broker is your best bet
    • enthusiasticsaver
    • By enthusiasticsaver 14th Oct 18, 8:12 AM
    • 8,467 Posts
    • 19,551 Thanks
    • #5
    • 14th Oct 18, 8:12 AM
    • #5
    • 14th Oct 18, 8:12 AM
    You will need to remortgage to raise that sort of money.
    Early retired in December 2017

    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 Pease remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to
    • dimbo61
    • By dimbo61 14th Oct 18, 9:07 AM
    • 10,254 Posts
    • 5,562 Thanks
    • #6
    • 14th Oct 18, 9:07 AM
    • #6
    • 14th Oct 18, 9:07 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 !
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

112Posts Today

1,196Users online

Martin's Twitter
  • Mini MSE is on half term next week, so I'm excited to be taking the week off to be daddy. As normal I'm signing of?

  • I once blurted out on @gmb "Theresa May hasn't been given a poisoned chalice - she's been given a poisoned chalice?

  • It'd be fascinating to know how history will judge Theresa May's premiership. Currently, it is hard to see it as a?

  • Follow Martin