Help, I've never had a mortgage before!

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Posted on 26 November 2012

We have a mortgage free house bought for £160,000 cash last year and we have never had a mortgage, however we wish to do a 2 storey extension for about £30,000 on the house and wish to get a mortgage and pay back as little as possible for as long as possible as we will not be moving again.

Myself and my husband both have full time jobs but as I own the house myself it would all be in just my name.

Is there such a mortgage for this type of thing? Am completely clueless when it comes to this kind of thing!


From the information you've provided I cant see any reason why you wouldn't be able to borrow the money you need for the extension.

When looking at the best way to arrange the mortgage for you, one of our consultants would go through a fact find with you, which will give us the information necessary to work out, the most suitble product, term, and repayment method for your circumstances.

If you are looking to pay the least amount posible, then (if appropriate) you could take the mortgage on an interest only basis, where you only pay interest to the lender, and the capital is usually paid back as a lump sum at the end of the term. Alternatively you could take the loan on a repayment basis, and pay it back on a term dependent on your age and monthly budget.

If you would like to discuss your enquiry in more detail, then please let me know and I'll arrange for one of our consultants to speak with you.



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