Decided that we want to stay were we are rather than move, so an extension is on the cards.

Size we would like/need shouldn’t be an issue with planning as there is plenty of precedent on the street.

But the money.

Rough estimate is £60-70k. Should add that in value although we’re not doing it for profit but the numbers need to stack up.

Got some saving but nowhere near enough.

So,

bridging loan and then remortgage?

Unsecured loan, credit cards, overdrafts and then remortgage?

Do they do self build (staged release) mortgages for extensions? I can’t find anything specific?

Not enough equity for a straight remortgage?

I financed an extension via a mortgage extension years ago, they paid out something like 80% up front and the remaining 20% on completion (building control certificate).

Groundworks on our 3 storey 60sqm extension started last week. We assumed we’d have no problem with planning permission, but our first plans were rejected. Second were accepted though, without too much loss of internal space.

I had a fair bit of cash to finance it, and remortgaged to cover the rest.

With interest rates being so low at the mo, I’d remortgage and overpay as much as you can each month to pay it off in a reasonable amount of time.

We are making 8 staged payments (16 week projected completion time) in arrears, so in the meantime the cash is sat gaining (a pitiful amount of) interest.

Never a bridging loan
Check to see what rate of a loan and rate of interest against re mortgaging .

Not enough equity for a straight remortgage?

We bought this place in oct 2007, we’re lucky to have any equity at all.

Look on the bright side; if you’ve lived there for 5 years and been happy then there’s no need to make it any bigger if you can’t afford it 🙂

When you say £60-70k is this a:

1 Guess and/or what you’d like to spend
2 Guestimate based upon an arbitry £ per sqm
3 Hard and fast down to the number of bricks etc?

If 1, double it.
If 2, add 50%
If 3, add 20%

Except for small, expensive noisy additions…

Can you remortage now without penalty? If you’ve got enough leeway in terms of what you owe the bank and what your house is currently worth then you shouldn’t have a problem.

Except for small, expensive noisy additions…

Airing cupboard not an option?

When you say £60-70k is this a:
1 Guess and/or what you’d like to spend
2 Guestimate based upon an arbitry £ per sqm
3 Hard and fast down to the number of bricks etc?
If 1, double it.
If 2, add 50%
If 3, add 20%

A combination of an educated guess and if we had to spend more than that then we may as well just move.

Won’t be spending on any 30k kitchens etc.

Work on £1k per sqm as a (very) rough guide. Mine’s come in a fair bit over that as there is a lot of excavation required, plus underpinning of the existing property.

Work on £1k per sqm as a (very) rough guide

costing isnt the issue so much as the way to finance.

Sounds like one hell of a sum to be borrowing if you can’t do it on a mortgage to me.

I think you need to speak to your lenders to see what they will do.

mortgaging it shouldnt be an issue, but only once its built…

But they will release funds during the build – you need to speak to them.