Hi-
hope some of you may be able to advise.
we currently have an Interest only mortgage (just until May next year)- house is worth approx 220k and mortgage is 184k.
Just discovered that I am 6 months pregnant- completely railroaded us- total surprise but obviously leaves us with very little time to 'get sorted' in terms of another pair of little feet in the house.
We moved in here last year and planned to do a room at a time up (a very old man lived here previously) most rooms are ok and liveable but the bathroom just has a large shower - not practical with a baby. So now we need to get the bathroom done asap and possible extend the smallest room over the garage.
Can we release some equity even though we are only currently on Interest only? Its not something I'm familiar with- I have had a look around on the internet and most companies want to have my number to 'chat'- I don't want to commit to anything, just find out if this is a possible solution before exploring all avenues?
any advice?
hope some of you may be able to advise.
we currently have an Interest only mortgage (just until May next year)- house is worth approx 220k and mortgage is 184k.
Just discovered that I am 6 months pregnant- completely railroaded us- total surprise but obviously leaves us with very little time to 'get sorted' in terms of another pair of little feet in the house.
We moved in here last year and planned to do a room at a time up (a very old man lived here previously) most rooms are ok and liveable but the bathroom just has a large shower - not practical with a baby. So now we need to get the bathroom done asap and possible extend the smallest room over the garage.
Can we release some equity even though we are only currently on Interest only? Its not something I'm familiar with- I have had a look around on the internet and most companies want to have my number to 'chat'- I don't want to commit to anything, just find out if this is a possible solution before exploring all avenues?
any advice?