Loan approval for home improvement

Vixen27

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Has anyone in recent climate been able to secure a loan for home improvement immediately after getting a mortgage? Buying first house and want to do a single storey extension straight away. Our mortgage is a lot less than we're currently paying in rent and so we could easily afford repayments on a personal loan. Our mortgage adviser says that the banks won't give us any more money on mortgage as they can't guarantee that it'll add value to the house like it would have done in the past and he says that personal loans are almost impossible to get straight after getting a mortgage. Can live without the extension for a while with a view to re-negotiating mortgage in a years time but that would cost us more in the long run as would have to decorate as is and then start over. Anyone been in a similar position? Are there any banks out there who will help?!
 
I'm an old fogey. Take that as read.

I think the olden days are on the way back. Think of Monty Python and the "you were lucky sketch!"

Look at it this way. You have what you have and there is no more money coming down the line for a while. Live with what you have. Do what you can with what you have. Weigh up the pros and cons of just living with it as is. Paint it all white as a stop gap. Don't do anything major until the overall economy improves and lending frees up.

And in the end, your friends are all in the same boat - get them around for a painting party, have a great evening party and plan the extension for when things improve.

mf
 
if you think you can save then why not save for a year, make sure your extension plans are well thought out and do the project in years time and hopefully bank may re-consider a smaller loan at that stage
 
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