Hello
I bought my first house with my wife two years ago for shy of 87k. There's a huge plot of land next door to double the size of the property and there's a house opposite who did so some years ago.
A call to my bank suggests they won't lend me any more money despite being cleared for a mortgage up for 160k. I currently owe 71.5k and need about 30 to build an extension that will bring the property value to about £130. (going off a couple of recent quotes for the build and a conversation with an old friend estate agent.)
It's a tight proposition but it would give us an awesome family home. If I sold right now, I'd most likely lose money and the place is too small to really be of any use. In hindsight, we probably should have bought a bigger house.
Do I have any options? I'm so confused.
I bought my first house with my wife two years ago for shy of 87k. There's a huge plot of land next door to double the size of the property and there's a house opposite who did so some years ago.
A call to my bank suggests they won't lend me any more money despite being cleared for a mortgage up for 160k. I currently owe 71.5k and need about 30 to build an extension that will bring the property value to about £130. (going off a couple of recent quotes for the build and a conversation with an old friend estate agent.)
It's a tight proposition but it would give us an awesome family home. If I sold right now, I'd most likely lose money and the place is too small to really be of any use. In hindsight, we probably should have bought a bigger house.
Do I have any options? I'm so confused.