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    • T0P
    • By T0P 12th Oct 18, 8:08 PM
    • 2Posts
    • 0Thanks
    Funds for extension
    • #1
    • 12th Oct 18, 8:08 PM
    Funds for extension 12th Oct 18 at 8:08 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, 8:14 PM
    • 34,773 Posts
    • 18,911 Thanks
    • #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
    • #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
    • 70 Posts
    • 34 Thanks
    • #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
    • 7,973 Posts
    • 17,935 Thanks
    • #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.
    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, 10:07 AM
    • 10,152 Posts
    • 5,493 Thanks
    • #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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