Advanced search

Funding a renovation project

(3 Posts)
dilapidated Thu 23-Feb-17 11:34:17

We bought a 2 bed Victorian terrace house that was in need of renovation.
Nothing structural and no major changes. Just full decoration, replacement kitchen and bathroom.
We saved £15k to cover the work.

So far most things are coming out on budget, but there have been a few major plumbing and electrical and damp problems that have come to light since starting which will add another £4k to the work.

The house is not in a liveable state and we are staying with family until the work is done which should be in 4 weeks time roughly.

What would be the best way to finance the shortfall on the renovations? We are expecting a small windfall that would cover the shortfall but not for another 6 months or so. I would put the shortfall on my credit card as it’s has a very low APR rate but trades don’t typically accept payment by credit card.

Is my only hope a loan?

everythingshunkdory Thu 23-Feb-17 12:01:22

definitely the quickest way- loan apr rates are amazingly low atm, and try and get one with no early repayment charge for when your windfall comes

ShortLass Thu 23-Feb-17 12:59:43

For that amount of money, a loan would be the best. As said above, rates are very competitive at the moment.

If you get one with no ERC ( early payment charge), you can pay it all back when you get your windfall. Or keep paying the installments, whatever you decide.

Join the discussion

Registering is free, easy, and means you can join in the discussion, watch threads, get discounts, win prizes and lots more.

Register now »

Already registered? Log in with: