We were massively massively lucky with our house (detached two bedroom 1930s house in North London) and got it for a very good price at £290'000 four years ago. We're on a low rate mortgage and since moving in, the house has roughly doubled in value to around £595'000/£600'000, meaning there is equity in the house.
We would like to extend and convert the loft, and have been quoted around £90'000 for this work and some landscaping in the front and back garden. I'm now self employed (I was employed when we had the house, but left my career in teaching when we had children), and we can't borrow money on my husband's salary alone - although we both have good credit scores.
Is it possible to borrow against the equity in the house? I won't be earning tons in the near future until my business gets off the ground, but equally won't be penniless. Do we just have to wait to do work on the house until I'm earning a decent salary and we can remortgage? I imagine I'm being naive and unrealistic - it just feels like we've been waiting forever to get started.
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Any advice on borrowing more money for renovation work?
6 replies
minniebear · 05/01/2017 14:25
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