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Remortgage or loan
Peggy_B
Posts: 2 Newbie
Currently we own 3 properties and have no mortgages on any of them, we need to raise about 30k for home improvements, and an extension on the main house. What would be the best way of raising the money would an interest only mortgage be best or a loan, and we don't want to sell any of the properties as they are rented out long term.
We would like to keep the payments fairly low, and we should be in the position to pay off the money in 10 years.
We would like to keep the payments fairly low, and we should be in the position to pay off the money in 10 years.
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Comments
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I would think the rates via a mortgage will be lower than those for personal loans.
If you have a lump sum due in around 10 years, and you want low payments then interest only would appear to fit the bill alsoI am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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