What is the reason for needing to finish the shed? If you finish it will you be able to sell the house? Is that why you need it. In whole scheme of things, is it something that has to be done now or can it wait. If you have to finish it off, and it is a HAVE to finish I would possibly look at refinancing to finish it off ( speak to your banks - may not need to be a personal loan) if it is something that can wait, then I would focus on selling your house and getting that sorted then looking at using that income to do it. HtH.
Can you speak to your bank, I know that some banks have a 12 month "materinty period" where you can take a 12 month break from mortgage repayments when you get pregnant, I know that St Goerge have this but Im not sure about other banks.
On the personal loan side of things, when you move to the shed will you rent out your house? and will the rent cover the repayments on your mortgage and the personal loan?
Or can you refinance you mortgage for extra money as the interest on this is definately lower than a personal loan
When I got pregnant with my DS, I was with NAB - they suck!!! We refinance with St George and they were fantastic.
Can you get a valuation on both properties to see what the equity is in them, then you might be able to roll them into the one mortgage (which might work out cheeper than paying two), they maybe give the banks a call.
It is strange that the bank has said that you can not rent out your house tis your house as long as you make the repayments what business is it of theirs.
Not my personal experience as we rent but my MIL had to leave work for a few months due to illness and was able to only pay the interest on her 2 mortgages until she went back to work.
I'm not sure how it works but it maybe worth looking into.
Also you'll be fine with a bub on your own DH is only getting a week off work so I'll have twins on my own plus a 2 year old and a 6 year old - we can do it!!
Anyone in my position?
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