Good idea or bad idea?

jhow

We have lived in our mortgaged 1930s house for 7 yrs,we both work full time our joint income is more than £3000 pcm, although where our money goes ? we are always over drawn, I have an Isa with £6000, and joint rainy day savings of £2000. Eventually we will need a new roof and our front windows are going rotten. To replace the roof and windows, I think will be about £16,000. I was thinking of taking out a loan and getting both things done, and paying the loan off over 10- 15 years, as we both have endowment policies maturing in the next 7-8 years I was thinking of paying off the balance with that money. The isas may be about 10- 15 000 each. Do you think this is a good idea or not? The alternative is keep saving and live with the old roof and windows, or wait for the endowment money to come. We have no plans to move, the roofs not leaking yet. Thanks Joanne

AMILLIONDOLLARS

I would do a budget, list your outgoings etc and see where you can save some more money for your house fund. Speaking as someone who borrowed £25k many moons ago over a period of 60 months and who has just paid back just over £44k at a low interest rate, can you imagine your repayment rate Now!! Hind sight is a wonderful thing. By the way, you don't say whether you have kids? it all comes into the equation.

AMD