Advice - Should we extend mortgage or get a loan for extension?

Aphidman

Hi,

Currently have a mortgage with a Building Society - Main part is interest only and a smaller repayment. Both are on good terms - 1 is a tracker the other going into base rate shortly.

Now looking at extending the house. Building Society will lend the money (approx 70K) but not on such good terms (5.7% for 5 years!!).

My question is this:

I don't want to move our main mortgage as we currently have a good deal. How or where could I borrow 70K on better terms?

Ideas please

Comyface

I would say options inlclude:

• Try and get a Secured Loan elsewhere (but I think you'd struggle getting one for <5.7%)
• Take the money from the BS
• Remortgage and borrow the extra (and work out TAP over the term compared to your whole debt doing it with the BS)

Can't think of any other options at the moment, will post again if any occur to me.