Bank Loans?

[Mamf74]

Hi all,

DH and I have moved into a lovely but unloved house, we've been here a while and now have a list of stuff to fix.

We're currently midway through having a new bathroom fitted which has luckily been financed by DH's annual bonus but we're considering getting everything else (bar new kitchen) being done at once. I'm wondering how likely banks are to lend to finance this? We've had loans in the past, and have also remortgaged but this was pre-crash so I'm guessing it's not as easy as it was to get a loan (was tricky enough getting a mortgage with 40% equity!).

Any ideas or advice gratefully accepted!

Sam
xx

[LadyKooKoo]

Are you referring to an unsecured loan? The interest on a remortgage would be lower but it depends on how much you want to borrow?

[Mamf74]

LadyKooKoo, depending on the quotes I would guess it would be sub-£10k but we are weighing up remortgaging anyway as we're on quite a high rate.

The thing that concerns me about that option is whether we would have the house valued as higher than the original mortgage valuation; we paid well under asking price as there were problems with the house but I'm wary of prices falling - houses in this street have been going for well, well under their asking price (although different sizes to this one) even when they appear up together.

[LadyKooKoo]

I would get out some estate agents to value the property, explain it is for the point of remortgaging rather than selling and see what they have to say. At least then you will not go in blind when speaking about a remortgage as valuations for a remortgage always seem to come in below estate agent valuations.
However, if your credit is pretty good you should be able to get a personal loan and it will be a lot quicker than a remortgage would be. Apply today and you could have the money by this time next week. I found this on Money Saving Expert which is pretty accurate.