Have you ever used morgage money or money from a house sale for anything other than paying your house

[Lardlizard]

For example a remorse to pay for a new kitchen n bathrooms
And did you regret it

When I sold my flat in London, I bought a property that was cheaper and spent the excess 20k on building work.

Am also looking at getting a mortgage to cover more substantial works.

Im sitting having breakfast in my gorgeous new extension which was covered mostly by remortgage funds, i dont regret it at all.

Following as I want to Take some additional Money on my mortgage to pay for some additional
Works. I have sufficient equity in the house and need the work to enable us to live there for many more years, it would cost be more to move

I may take some equity out of the house to pay school fees.

Loads of stuff...! Paying off debts, redoing the bathroom, kitchen, roof etc etc. Don’t regret it at all. If you can afford the repayments if circumstances change I think it’s well worth doing these things - life is for the living!

Would spend it on the house two new bathrooms and maybe a new kitchen and generally refurbishment and redecoration

Edwin how do you feel about that considering it’s not going to be spent on the house ?

Anyone else

Yes I remortgaged to buy a car and I don't regret it because I was living alone, had a mortgage of 110k and only needed £1k extra. Because of the better mortgage rate I had negotiated it didn't make a lot of difference overall, but yet I now had a car that I couldn't otherwise afford.

Not so sure I'd do it for a kitchen or bathroom though as they seem less necessary (shift worker) and more luxury.

DB made a profit on selling his house when moving to a cheaper area, and spent it all on a Range Rover.

I don't think he regretted it but I don't think it was a great idea financially. He doesn't have a pension.

Spending on improving your property sounds like a much more sensible idea, so go for it, OP.

We sold our house and pumped the money in to a new business. It was pretty fucking risky but it’s paying off now.

In the summer were taking the money we invested out to buy a house again

Nope, sorry OP. In our area I’m not sure I’d get the money back for big improvements and I quite like the fact that the house is paid for.

A friend did remortgage and have fairly big improvements. Their circumstances have recently changed and now they think they are going to have to move as they are struggling to pay the mortgage.

We recently sold our house for £400,000. We'd had a £230,000 mortgage on it. We bought a new house in a cheaper city for £275,000. We used our equity to pay £100,000 off the mortgage. We also spent £25,000 paying off various debts. We've had a nice holiday, bought new soft furnishings and kept the rest (only about £3000 in the bank). Being debt free is a HUGE relief xx