Remortgaging

Casper

Midfield
Looking for some advice.

Bought a house last year and looking to do an extension. Put 15% deposit down initially. Looking at borrowing £25k.

Spoke to mortgage company about releasing some equity but that's not an option it seems as LTV isn't below 80%.

Naturally we will build the equity before the fixed rate runs out in 5 years.

Is there any finance option that doesn't have your eyes out (other than parents loaning) that could be paid off in full within 5 years?
 


Just spoken to them and it appears not 17% apr which seems high to me!?
17% is a joke. I dread to think what you would pay in interest as I don't know how long you're wanting it over.

Get your overpayments in, get your LTV down and slap it on the mortgage at under 3%.

That's if you can wait.
 
Use the cash you were planning on paying any loan with to overpay your mortgage, get the ltv down then bang it on there
He’d be better off hoying it in a savings account so it’s liquid. There’s a multitude of things that could go the wrong way & mean he can’t get the equity back out.

Looking for some advice.

Bought a house last year and looking to do an extension. Put 15% deposit down initially. Looking at borrowing £25k.

Spoke to mortgage company about releasing some equity but that's not an option it seems as LTV isn't below 80%.

Naturally we will build the equity before the fixed rate runs out in 5 years.

Is there any finance option that doesn't have your eyes out (other than parents loaning) that could be paid off in full within 5 years?
Some banks will let you do an unsecured loan over 10 years if you want to stretch it out, but the interest rate will be higher. Unsecured loans are quite common for £25k over 5 years if you can afford the payments.

I also know some will extend your mortgage to 85% LTV if it doesn’t have any element of debt consolidation involved. However sounds like it’s irrelevant to you if your lender’s already said no & you’re in a 5 year fix.
 
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He’d be better off hoying it in a savings account so it’s liquid. There’s a multitude of things that could go the wrong way & mean he can’t get the equity back out.


Some banks will let you do an unsecured loan over 10 years if you want to stretch it out, but the interest rate will be higher.

I also know some will extend your mortgage to 85% LTV if it doesn’t have any element of debt consolidation involved. However sounds like it’s irrelevant to you if your lender’s already said no & you’re in a 5 year fix.

Would get the cash quicker my way
 
Looking for some advice.

Bought a house last year and looking to do an extension. Put 15% deposit down initially. Looking at borrowing £25k.

Spoke to mortgage company about releasing some equity but that's not an option it seems as LTV isn't below 80%.

Naturally we will build the equity before the fixed rate runs out in 5 years.

Is there any finance option that doesn't have your eyes out (other than parents loaning) that could be paid off in full within 5 years?
Whack your figures in here and hope that Yorkshire Bank / TheAA come back with a 2.9% offer over 6 years.
No hit on your credit score for the check and gives you a ballpark idea of whether or not you'll be accepted.
Loans eligibility calculator - MoneySavingExpert

This guy knows ;)
When we looked at it, Tesco and sainsbury were the best, although we borrowed a lot. Usually there are online sites telling you the best none secured loan deals

Like this
Cheap Personal Loans
 
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