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Renovation finance options?

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  • Renovation finance options?

    Hello there.

    New to this site so a big hello to all. I have the feeling i may be on this site a lot in the future with the project i have on my hands!

    Long story short. My wife and i have been gifted an old farm cottage with adjoining barn. The cottage is 3 up 3 down and the barn is approx 13' by 70'.

    We are looking to renovate the property and also build a small extension.

    We have instructed our architects that we have a budget of £150,000 for the total project. When we commence the work we will have a pot of £80,000. We will continue to save a further £20,000 in the construction year taking our total savings to £100,000.

    This leaves us with an outstanding balance of aprrox £50,000. We would like to finance this with a loan or a mortgage.

    What would be our best options regarding this? Would a self build mortgage be our best course or would another option suit us better? We are looking to have a small monthly mortage amount but with the option to bulk over pay frequently so as top pay the loan / mortage off quicker without fees.

    Any help would be great on this issue.

    Sean.

  • #2
    Re: Renovation finance options?

    Well this is a helpful forum.....over 300 reads and no replies.

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