Financing your project or even thinking about financing your project can be stresseful. Do you top up your mortgage (if you can), remortgage or do you look at a loan to complete your project?

Many people undertaking an extension or remodel need to borrow some money to be able to undertake the work.  You can approach a high street lender and ask what options they have available to you, however some are reluctant to lend on such projects.

If you are looking to get a mortgage (rather than just a loan), often mortgage lenders will want to survey the project and value it before lending and possibly perform further valuation or inspections as the project takes progresses.

The amount you can borrow will be calculated according to your income and outgoings. Depending on your type of borrowing (personal loan, secured loan or remortgage etC) you may be required to have some form of deposit or at least have equity in your property .

If you are able to setup an account with a local builders merchant then this could also provide you with a credit account whereby you will have 30-60 days (usually) to pay for materials allowing you to complete work and have the money in place before payment is required.

If you are lucky enough to have savings to invest in your project then this is another source of funding for parts of your project when you need an injection of cash. If you do not have access to savings it is advisable to arrange a mortgage or loan before finding/undertaking your project, or at least research how much you are likely to be able to borrow. This will avoid any disappointment and allow you to realistically look at the type of project you can afford.