Hi all,
...Fairly interesting weekend for us. We have lived in the same rented house for the last 7 years, and earlier this year decided to start thinking about buying somewhere. For my initial budget of £200k, there was really very little around that I liked the look of, so we decided to put plans on hold, wait another couple of years (to get a bigger deposit), and then look for a £300k house.
However, the house next door-but-one went up for sale yesterday for £200k, and it's the corner plot in a nice area, with a bug piece of land.
I've spoken to the owner and we are extremely tempted, but my problem is this:
The house as it stands is the same size as where we are now but we wanted to take a step up the ladder. It will take me probably 6-10 years to save up the £50k needed for an extension. However i could simply go out and buy the £300k house instead, and be in the bigger house relatively quickly.
So what are my options to raise £50k for an extension? The cost of mortgage/repayments is not the issue, it's the speed at which i can raise the money.
i'm assuming the options are only Mortgage or Personal Loan, but i dont know if either can actually be done in the real world? Does anyone have any experience?