should i get a loan ?

Bella79

Hi all

Were in the process of selling and once we move into new home we will be morgage free yayyyyyyyyyy :T (not bad at 29 and 35 shouldnt be to smug though we have downsized etc)

I was thinking i want a little extension on the side of the house new kitchen and bathroom etc now we could afford to save about 250 a month but were gonna need about 15k to do the work we need doing.

So sould we jst save may take quite a while to reach that amount or get a loan over 5 years and get the work done out of way ?? Problem with that is hubby is self emplyed and getting any borrowing is always a nightmare

Thankyou in advnce
lisa

standupguy

What about a 15k mortgage over 10 years and pay off quickly with some capital repayments?

You're too young to be mortgage free - make the money work for you and build your equity?

chambta

Is it possible to be too young to be mortgage free!?

Bella79

so u can be too young to be morgage free ? :@)

JaRocks28

To be honest, it depends what deals you can get!!
If you can get a cheap interest rate, then thats a possitive.

however, it depends on how much you can afford to pay each month as you may have to take it over 7 years, which could be 7 years more commitment!!

do what you feel is right, but most importantly. if you do proceed with a loan, find the best interest rate!!