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We've borrowed for extension, but I want to move. Can I?

(9 Posts)
Spidermama Fri 20-May-16 00:09:11

The day after we moved in to our house in Brighton, while the kids were asleep, I could hear trains out the back, cars out the front, and I lay on the bed and cried. I said, 'What have we done?'
15 years later we're still here. Every time I've told DH I want to move he's rolled his eyes and said, "It's not possible. You're never satisfied. Moving is too expensive.' or words to that effect and he's shut me down. I've believed him. Until now.
We moved here to get out of a bad situation in our London home in an unsafe area with our two very young children. I've since had two more.
I LOVE Brighton but quite honestly I have never liked this house. Too tall, too many stairs, not enough bedrooms, not enough floor space, no cupboards at all, the wrong flow and many more downsides. We've done so much to try to force it to be the right home for us, but it's not.
The latest attempt to force it is an extension. The mortgage company has leant us £65,000 to do it on the understanding we don't move for a while. But I want to move. That's all I want. I DON'T WANT TO LIVE HERE.
I want to use the loan to do the million and one jobs which are half finished or never got started and then sell this house and move.
Can I?

MyKingdomForBrie Fri 20-May-16 00:29:11

Depends on the terms of your loan. If taken out in order to extend then no, as the mortgage co will be expecting value added for their money. If you didn't discuss purpose with the mortgage co then you can do what you like I guess!

Spidermama Fri 20-May-16 00:35:09

We did discuss purpose. It was given specifically for the extension. We haven't built it yet though. Can I give it all back and cancel the deal?

MyKingdomForBrie Fri 20-May-16 00:39:14

Mauve, depending on the length of time since you took out the loan? Might be a charge involved though.

MyKingdomForBrie Fri 20-May-16 00:39:25


Believeitornot Fri 20-May-16 06:19:55

For that money I'd get an architect in and do the extension.

But your bigger issue is your dh not talking you seriously.

greenfolder Fri 20-May-16 06:25:35

The questions really are simple I think.

How much is the house worth? Will you be able to pay off the mortgage/loan when you sell?

Is there a penalty for settling the loan early? How much is it?

How much is a house that you want to live in?
Can you get a mortgage for the amount you need?

errorofjudgement Fri 20-May-16 06:26:56

Have the mortgage company actually specified, ie written down, that they are approving the loan provided you don't move?
That sounds very unusual.

Lunar1 Fri 20-May-16 07:27:24

How long ago did they give you the loan? Is there a cooling off period?

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