Borrowing money to do loft advice

[Macey78]

Novice here looking for advice. We would really like to do the loft and do not have the cash to do it therefore would need to borrow money on our house. Those of you who have done this how does it work. I just go to my mortgage provider and say I need to borrow money for the loft?

Yes basically that's what I did. Its costing approximately £300 a month over 12 years in our case.

Literally that yes try and save some of it yourself though because it’s a lot to add to the mortgage.

Thank you both. We have £25k so think we need to borrow £30k. Next week getting quotes from companies for it. And we would also like to spread the cost no more than 10 years.

I don't think you have a choice about how many years an equity release 'loan' is spread over your mortgage. Mine is spread over the full length but I just make monthly overpayments and will have it cleared way before the bank originally said it would be.

The bank will also want to do affordability checks on whether you can afford the new higher monthly payments.

Good luck - my loft conversion is the best thing I ever did to my house

Yes, you can take out additional borrowing and it can have a different term to your mortgage