remortgage or loan?

ELIZA_D

hi there i am getting a loft conversion(hopefully) and hope to borrow 25 k from my mortgage.I am with the chelsea and they have offerred me a tracker mortgage over 2 years at something like 4.75%. I have an interest only mortgage and i would pay 38 pound a month extra OR if i want it on repayment it would be 138.00 a month extra. I thought this was an ok deal,but someone mentioned to me a loan might be better???? I am already worried as i am trying to sort this out myself and am not mathmatically minded.....i have number blindness, so i get confused really easily!! What do you guys think?( I have actually left my figures at work so these are thereabouts ) cheers all x

MortgageMamma

You may find it difficult to find an unsecured loan for 25k dependent upon your outgoings, and the payments will be high over say 10 years. You dont say if you are tied into your deal with your existing lender, or what the fee;s are for moving your mortgage onto the tracker. It might be worthwhile investigating what other lenders have to offer, by using a fee#s free whole of market mortgage broker you should be able to do this quickly and hassle free.

MM

ELIZA_D

thanks for the reply mortgage mama!
i am no longer tied in to my mortgage and to move it will cost me 245 quid.Where do i find an independant whole of market broker in the birmingham region? I am self employed and i have only been in biz niz a year with a low income at the moment and so i thought that moving mortgage people would be hasselly?