We are planning to extend the house next year, and will need to increase borrowings to achieve this. Salarywise, we can support this, but not sure about the lending situation these days.
We currently have a LTV of approx 75% (£150k mortgage, property valued at approx £200k to account for the fall in prices - the house was valued at £230k in 2008). The mortagage is with HSBC, on a tracker at 2.99%, so not looking to change lenders.
We are in the process of getting some quotes for the work, and it is likely that the extension will add another bedroom and a reception room, provided the figures stack up. At this early stage we estimate we will need £40-50k to achieve what we want to do.
What is the best way to finance this?
We currently have a LTV of approx 75% (£150k mortgage, property valued at approx £200k to account for the fall in prices - the house was valued at £230k in 2008). The mortagage is with HSBC, on a tracker at 2.99%, so not looking to change lenders.
We are in the process of getting some quotes for the work, and it is likely that the extension will add another bedroom and a reception room, provided the figures stack up. At this early stage we estimate we will need £40-50k to achieve what we want to do.
What is the best way to finance this?