I wish you guys would say who your current lender is when there are mortgage questions, this sometimes is the easiest route for renovations or extensions. If the mortgage is to be a repayment mortgage, the term will be dependent on what you consider to be affordable? Always err on the side of caution as you will usually be allowed to make overpayments when you can to reduce the term without the worry of the odd month when things are stretched. Second charges are useful when you have a early repayment charge on your current mortgage or when criteria dictates.

Shan

You do realise that you would have to advise your current mortgage company of the works as they own 50% of the property currently. They might not give you permission to carry out the works or you to take out any loan, if secured against the property.

So your first step is to talk to your mortgage company about this, so they can inform you of the options.

In regard to obtaining any mortgage for any works, the loan may be staged.

If your mortgage company are not helpful, you should talk to an independent mortgage broker, to see what the most economical way to finance this would be.

Huckster

Hi All,

Seeking some advice - I have a mortgage of £100k on a house value of £200k, which I am paying back over 11 years. I am looking to do some renovations on my house (loft conversion, double glazing etc). I figure it will all come to £100k and I have about £50k in savings. Should I try to borrow the rest through a mortgage or as a large loan? Loan rates at the moment appear to be ~8% which is double those of most mortgages but I am wondering if I am missing something. If a mortgage is the right answer, should I declare it self-build to reflect the fact it is a renovation not a purchase? Also, what term would you recommend taking it over - the same as the existing mortgage or longer?

Rgds, Shan