FabSwingers.com forum: What to do?

By (user no longer on site) OP
over a year ago

OK peeps, serious advice required here, I'm hoping to get extra funds from the bank to convert the loft, now, if we get turned down which is quite probable these days, what can we do, we need the extra room for reasons I wont bore you with, we did try and sell our house just before the market crashed and had no interest, we cant sell at a loss cause we'd need extra to put down on the new house, I was thinking of trying to sell the house for the minimum we can and rent a house instead, your thoughts greatly appreciated.

By (user no longer on site)
over a year ago

If the rent on another property is cheaper than your mortgage and you can bank a reasonable sized wad of cash by selling then this would be a good time to do it. To really maximise your finances you need the housing market to fall further, but with a General Election just round the corner - one the Tories are expected to win - the feelgood factor may well work against you. As house prices begin to recover, the cost of any new home you buy is going to go up too. You should have sold when the market was at it's zenith instead of now.

I'd stay put if I were you and concentrate on improving what you have. Banks are really strapped for investment cash at the moment except for what they've been ordered to set aside for loans to businesses to help the economy recover so you may struggle to finance a loft conversion. It sounds as though you have equity in your home so you could try remortgaging for the amount you need to convert, which in the long run will add value to your home as you're adding an extra room to it.

Good luck.