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  • FIRST POST
    • kammx4
    • By kammx4 12th Sep 17, 9:52 AM
    • 30Posts
    • 2Thanks
    kammx4
    borrow £30,000
    • #1
    • 12th Sep 17, 9:52 AM
    borrow £30,000 12th Sep 17 at 9:52 AM
    Hi i have looking to raise £30,000 for home improvements next year and wondered on the most cost effective way to do this. Borrow a separate loan for the amount or remortgage for the extra. I have no debt at the moment except my mortgage which has 8 years to run and has £68,000 on it. Thanks for any advice.
Page 1
    • zx81
    • By zx81 12th Sep 17, 9:53 AM
    • 13,159 Posts
    • 13,473 Thanks
    zx81
    • #2
    • 12th Sep 17, 9:53 AM
    • #2
    • 12th Sep 17, 9:53 AM
    Whichever will cost you less.

    That will involve you comparing not just the rates you could get, but also the timescales, any early redemption fees, etc.
    • jonesMUFCforever
    • By jonesMUFCforever 12th Sep 17, 8:46 PM
    • 23,977 Posts
    • 11,265 Thanks
    jonesMUFCforever
    • #3
    • 12th Sep 17, 8:46 PM
    • #3
    • 12th Sep 17, 8:46 PM
    It will also depend on how much you can afford to repay each month.
    What goes around - comes around
    give lots and you will always receive lots
    • dawyldthing
    • By dawyldthing 12th Sep 17, 8:58 PM
    • 2,534 Posts
    • 1,697 Thanks
    dawyldthing
    • #4
    • 12th Sep 17, 8:58 PM
    • #4
    • 12th Sep 17, 8:58 PM
    Might be worth slowly saving for it unless it's urgent. Any borrowing costs a lot more than what you started with
    My targets to end 2018:
    1) To get down to 12 stone then treat to a safari. At start 17 stone 7 lbs 36.5lbs lost 40.5lbs to go.
    Started SW16st13lbs 11/7/17 - 10 weeks in -28.5lbs
    3/9 to NYE 2.5lbs down / 12.5lbs to go
    2) to find new challenges
    • enthusiasticsaver
    • By enthusiasticsaver 13th Sep 17, 8:08 AM
    • 4,227 Posts
    • 7,607 Thanks
    enthusiasticsaver
    • #5
    • 13th Sep 17, 8:08 AM
    • #5
    • 13th Sep 17, 8:08 AM
    The cost depends on fees interest rates and term.


    As a first preference I would break down that £30k into critical and nice to do some day and use a combination of long term 0% credit cards and savings. That is cheapest way but it depends on how much spare income you have to repay it.
    Countdown to early retirement on 31.12.17 3.5 months to go.
    • Suplex Backbreaker
    • By Suplex Backbreaker 14th Sep 17, 11:19 AM
    • 100 Posts
    • 75 Thanks
    Suplex Backbreaker
    • #6
    • 14th Sep 17, 11:19 AM
    • #6
    • 14th Sep 17, 11:19 AM
    Hi i have looking to raise £30,000 for home improvements next year and wondered on the most cost effective way to do this. Borrow a separate loan for the amount or remortgage for the extra. I have no debt at the moment except my mortgage which has 8 years to run and has £68,000 on it. Thanks for any advice.
    Originally posted by kammx4
    Remortgaging for the extra would probably be the cheapest way as it's currently incredibly cheap to get secured loans and you surely have quite a bit of equity in your house by now anyway, so you'll probably be able to access the best rates even with the additional borrowing (ie. 60% LTV).

    You might want to lock in a 5 year fix for peace of mind, even if the interest rates wouldn't be as low as say a 2 year deal.
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