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Author mortgage question (again)
SXIBLK
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Registered: 9th Feb 10
Location: Barnoldswick
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9th May 11 at 07:53   View User's Profile U2U Member Reply With Quote

can you usually borrow more then the value of the house to spend the rest on home improvements? cheers
John
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Registered: 30th Jun 03
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9th May 11 at 08:00   View User's Profile U2U Member Reply With Quote

No, why have you still not spoken to anybody about this?
BYRON
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Registered: 1st Jun 04
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9th May 11 at 08:00   View User's Profile U2U Member Reply With Quote

quote:
Originally posted by SXIBLK
can you usually borrow more then the value of the house to spend the rest on home improvements? cheers


Not any more no. Thats why Northern Rock went pop and homeowners putting themselves in negative equity from day one = recipe for disaster
SXIBLK
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Registered: 9th Feb 10
Location: Barnoldswick
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9th May 11 at 08:04   View User's Profile U2U Member Reply With Quote

quote:
Originally posted by John
No, why have you still not spoken to anybody about this?


we are in on Tuesday like i told you in the previous thread

anyway someone at work bought 3 month ago and borrowed 41 on a 36 thousand pound house. also do any of you know about these home improvement loans?

RichR
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Registered: 17th Oct 01
Location: Waterhouses, Staffordshire
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9th May 11 at 09:32   View Garage View User's Profile U2U Member Reply With Quote

Once you've owned the house for a set period of time, you'll be viable for a Homeowner's loan towards improvements/renovations, but its not ideal as its secured against the property as well as the mortgage. Avoid N.E. wherever possible; save more, spend less
Russ
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Registered: 14th Mar 04
Location: Armchair
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9th May 11 at 09:35   View User's Profile U2U Member Reply With Quote

You're asking for trouble.
Daniel_Corsa
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Registered: 21st Apr 04
Location: Wigton, Cumbria
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9th May 11 at 09:36   View Garage View User's Profile U2U Member Reply With Quote

Depends on the value of the home, but usually by time your deposit is paid, your mortgage makes up the value to the price offered!

We could have borrowed slightly more but means more to pay back and a few % on a few thousand over 25-30years makes it not worthwhile!


April '06' Corsasport Feature Car | Aug '08' Total Vauxhall Feature Car | Spring '09' Fast Car Feature Car
Cavey
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Registered: 11th Nov 02
Location: Derby
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9th May 11 at 11:24   View User's Profile U2U Member Reply With Quote

It's ok, he'll make enough selling copied CDs/DVDs to be able to pay for everything anyway
SXIBLK
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Registered: 9th Feb 10
Location: Barnoldswick
User status: Offline
11th May 11 at 07:48   View User's Profile U2U Member Reply With Quote

quote:
Originally posted by Cavey
It's ok, he'll make enough selling copied CDs/DVDs to be able to pay for everything anyway


cock

 
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