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You should do a couple of things:
- Check the terms of your current mortgage; considering the potential of negative interest rates soon, you could be better off leaving your mortgage to lapse past the fixed term and into base rate + x%
- Get a valuation on your house, especially if you think you're near another LTV % band (ie on the border of 75% LTV vs 80% LTV) - this will get you access to better deals if your LTV has changed
- Shop around for the best deal
- Chat to your bank / a mortgage adviser about increasing your mortgage to borrow for the works - it's likely the lowest interest rate loan you'll get
- Make a spreadsheet :)
- Check the terms of your current mortgage; considering the potential of negative interest rates soon, you could be better off leaving your mortgage to lapse past the fixed term and into base rate + x%
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It's a bit of a terrifying prospect.
That seems like a total renovation job. Wouldn't consider it myself unless I was making significant living space improvements to the house, i.e. rear extension & loft conversion. Otherwise you won't get any of the money put down towards it when you sell.
Here's someone having a go on a Victorian Terrace;
Soul
Howard
@hoefla
The fixed rate period on my mortgage is finishing soon. I've forgotten everything mortgage-related since the last time... What do I do now - see if the same lender can give me a better deal, at the same time as shopping around? I have an appointment next week with a mortgage broker who we used when first buying (not the current mortgage), what should I be asking/preparing? My wage has gone up, slightly.
I've also been thinking more seriously about doing Work to the house in the last year or so. I've been slightly over-paying the mortgage, because I can, but I've realised that I should instead be saving for these works... Is it a good idea to borrow additional to pay for some of the works?
Has anyone done full EnerPHit or similar? (PassivHaus for retrofit). I'm not that interested in certification, but I am considering aiming for a similar standard - would involve a huge amount of disruption. Ground floor insulation, a mix of internal and external wall insulation, which will precipitate re-doing the bathroom and kitchen. The windows probably need changing. If I can get the envelope up to a decent standard I'll be looking at air-source heat pump and ducts to all rooms... It's a bit of a terrifying prospect. I'm not a person that yearns for new kitchens etc but I'm increasingly conscious of how much heat is leaking into the sky, and spending so much time at home has made me more conscious of comfort too. The only 'upgrade' I'd do at the same time is pushing the loft insulation from the floor to the ceilings so the loft is more useable - has anyone done this on an old property? It's a mix of battens and original 1920s close-boarding up there, with tiles. Nice and breezy and therefore always dry. Apprehensive of issues that could come from pushing all the envelope requirements into a much thinner zone. Rear roof was redone a few years ago. Front and side are original tiles, I think.