wedding coming up, loan or remorgage?

vsumouse

were getting married next year in cuba/st. lucia (looking for a good sandels holiday if anyone has any info on it) and were going to fall short of out savings.
we have been in our first house 2 years this september and are ready to change morgage over, so we were wondering if a re-morgage to get more money out of the house or should we get a loan?
also our car is on its last legs, and we are thinking shall we get money for a newer car aswell.
we borrowed 103k nearly 2yrs ago over a 25 yr period with £630p/m instalments.
i think we will owe about 100k in september when we ready to change morgages(also looking for a good morgage deal if yous know of any).
going by the sales of the houses in our street ours should be worth £127-130k
so we have about 27-30k in the house.
were idealy looking at maybe lending 5k fir the wedding and the same again for the car (if we decide to change)
does anyone have any suggestions on what to do? get a loan or remorgage?
also what kind of prices we would be paying back.
thanks for your time and any help given

lynzpower

Personally speaking Id save up for it. Personally speaking, i think you are a bit mad to consider borrowing for it, but each to thier own.

There was something on the holidays or maybe relationships thread about a gorgous looking place in St Lucia, and it was about 1,500 all in if I remember correctly. If you must borrow this money, then you could do worse than do it on a 0% credit card or a low life of balance card. I certainly would NOT secure the debt on your house, via the remortgaging route.

[Deleted User]

Save up.

We got married 35 years ago and had a campervan holiday in Scotland. It was fab and we have been happy the whole of our marriage. Staying out of debt will give your future a really good start

Baileys_Babe

I agree with Lynzpower save for the wedding even if this means compromising on what you want or delaying the date. Their are lots of tips on here on how to have wonderful weddings cheaper.

vsumouse

thanks for the advise but it just feels like if were to save up it would take forever, and i have been swaying the ways of borrowing because my partner has a job that in 12 months she will be earning another 6-7k a yr and i have just taken a pay cut this year to get further up the career ladder and next year i will be on another 10-14k a yr, so i feel if we can do the things we want now and pay later when we earn a better wage.

ChrissieI

If your partner will have an extra £6,000 next year and you will have another £10,000 why don't you do it next year when you have the money?
One more year won't make any difference to the rest of your life together?

beautifulgorgeous_2

In that case borrow the money short term ie personal loan or on a credit card and pay it back as soon as you have the extra income. If you have it on your mortgage you will be paying it back over 25 years. You also need a flexible mortgage that allows overpayment so that you can use your better jobs to overpay it. Try to have a "good value" wedding and spend wisely. It is very easy to get carried away and spend loads with little extra to show for it.

Gorgeous_George

All sounds great (having £,000s next year).

But, things happen. How would a pregnancy, or redundancy affect your plans if one wage was lost and the expected promotion didn't work out? Nothing's guaranteed in life. It's never good to borrow money for intangibles such as holidays or cars that only ever depreciate.

Best wishes



GG

lynzpower

Weddings can take a while to plan. Why not plan and cost everything now and then when you have those salaries, book everything

savvy

Gorgeous_George wrote:

All sounds great (having £,000s next year).

But, things happen. How would a pregnancy, or redundancy affect your plans if one wage was lost and the expected promotion didn't work out? Nothing's guaranteed in life. It's never good to borrow money for intangibles such as holidays or cars that only ever depreciate.

Best wishes



GG

Ah exactly what I was going to say when I read the OP!! You HAVE to consider what IF things don't quite go according to plan, you can never be 100% certain of anything these days

vsumouse

yes thanks guys, its nice to see the respondable side, me and my partner will have to sit down and work the costs out and see where we stand, it all looks good on paper borrowing that extra cash for this and that but like yous say ill be paying for it for 25yrs, and something unexpected could happen and that cant be good.

thanks again for all the input.