What is the best way for my wife and I to get a loan for around £50,000 (over approx 10 years) for home improvements?
We have just bought a house for £250,000 with a 15% deposit (leaving us with no cash after costs etc.), and now need to completely refurbish it and would like to extend. I've had a quote for total cost to be £50,000 including furnishings. On recent house sales, I've estimated the value of the house to be £310,000 once finished.
After all of our monthly outgoings and living costs we have £600-£800 left over per month to cover a loan.
I'm not sure if getting a £25k personal loan each would be possible as Nationwide told me that although we only pay for half the household outgoings each, our affordability would be based on total household outgoings each (as if we were each living alone), therefore reducing our affordability.
What are our best options please?