Funding an Extension

[cerbfan]

I'm looking to build a large extension on our current house and the plans have just gone into the planners. The extension will be just over 200m2 and double the size of the house as it is now. The problem I have is funding the build as no one I have spoke to so far is willing to lend based on the future value of the house and I do not have enough equity in the house at the moment to complete it. Is there anywhere that will lend against the future value of the house? The other problem that I may have is that I’m a contractor; again this is not a problem with a regular mortgage but may make things more difficult with what I am trying to do.
I’m sure this would have been easy enough pre-crash.

[Cupramax]

cerbfan said:

I’m sure this would have been easy enough pre-crash.

Thats a rather telling statement. Unfortunately banks just aren't throwing money about willy nilly any more. Hope you can get sorted but sounds like you're attempting to borrow more than you can afford.

[cerbfan]

Not more than I can afford. I will be comfortably within my borrowing multiples and the total LTV will be no more than 80% of the value of the house once the extension built.

[cerbfan]

So can anyone confirm whether this is possible or not. I cannot see how if I was building a new house from scratch funding would be no problem based on its future value whereas building an extension is.

[scotal]

cerbfan. YHM

[LivingTheDream]

try these people - specialise in self build financing and do home improvement loans etc as well

http://www.buildstore.co.uk/finance/home-improveme...

[cerbfan]

Thanks,

I did call buildstore last year and they could not do it at the time however it appears that they can now so cheers for pointing me back in there direction.