How about go on the cheapest 1 year fixed rate - with cashback (given the money will come in handy for you) and then consider what you do after that including switching, as your LTV should be better != Variable rate for 1 year then fix
I would have by doubts that refurb of 100k adds 100k to the value of the house. There is normally a 'sunken' cost element that its done to the way you want not the way someone else would do it
What mortgage are you applying for in option 2 and what is your initial/phased drawdown proposalI'm not sure why Option 2 would be out based on what you said.
Ok, but added to based on your taste which may not be someone elses. Assuming you are buying this stuff new, there is a depreciation the minute it is installedThe house has no floors/kitchen/sanitary wear etc.
Any money spent will add directly to the value as nothing is being replaced/thrown away, just added to.
What mortgage are you applying for in option 2 and what is your initial/phased drawdown proposal
We would be in the LTV<80% bracket here.
If the mortgage arrange is the same, chances are the LTV is the same as well. This will not be adjusted during the window of the phased drawdowns.We would be in the 80-90% LTV bracket here
If the mortgage arrange is the same, chances are the LTV is the same as well. This will not be adjusted during the window of the phased drawdowns.
Surely driveway & landscaping comes after 1st floor refurbishment
I have thought about this. Most new build houses I see are finished inside and left grubby on the outside for years and in some cases never finished right.
When the ground floor is complete we will have a fully functional house. Until children arrive we would have no need for the upstairs. I'd prefer put the money to finish the outside of the house to a high standard. The upstairs can be done later with savings built up over time if needed.
The LTV is based on the loan value though? So if I'm putting in more of my own money up front I have less of a loan and there for a lower LTV. The value doesn't change in any of the 3 options, but the LTV does.
All 3 options are the same mortgage arrangement
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