What should I do? ( mortgage or loan)

breadwinners

Until very recently I had a mortgage on a property that needs a lot of work doing to it.
As the mortgage rate was so high,I decided to redeem the mortgage as soon as I was allowed to.

Sadly it's looking as though work needs to be started much sooner than I anticipated.

Is it possible to take out a small short term mortgage on a property that is currently owned in full? Current mortgage rates are certainly better than what I was on.
Is that allowed though?

Would a bank loan be better?
Other than a mortgage I have never borrowed before and am very ignorant of processes.

_Andy_

Probably the most suitable product would be a mortgage with no early repayment charges. Speak to a whole of market broker who can assist.

breadwinners

Thanks for your reply. I just wasn't sure if it was allowed. I'll certainly be careful with charges. The mortgage I was on was very inflexible indeed so bit the bullet and paid it all off (no option for partial repayment). Sadly the necessary work that I would have simply saved for is looking urgent now.
Thanks again.

breadwinners

Coming back to this I've got a few questions.
Would an offset mortgage be a good idea?
Would I be classed as a first time buyer as opposed to a remortgager?

Would there be any legal fees of my own other than lender legal fees? I can't imagine it being required.

Other that moneysupermarket, where else would I look to get a feel for rates? ( please ignore this last question. I'm just reading the main article now)

_Andy_

1) Depends on your own situation and financial objectives - best off speaking to a broker
2) Remortgage but doesn't really matter anyway
3) No/shouldn't be