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Advice: Apply for loan or wait for mortgage to end?
Basically we are thinking of extending the family home.
Quotes from the builders are coming in close to £30,000. Our current lender has offered £20,000. We could move to another lender but then we incur the 'early repayment' fees which total £3000.
So do we wait until the mortgage (fixed 2yr, 16months to run) expires as I'm not happy paying the redemption charge and then move lender? or do we apply for a secured loan for the shortfall and then move both to a new mortgage?
Thanks for any advice.
Al
Quotes from the builders are coming in close to £30,000. Our current lender has offered £20,000. We could move to another lender but then we incur the 'early repayment' fees which total £3000.
So do we wait until the mortgage (fixed 2yr, 16months to run) expires as I'm not happy paying the redemption charge and then move lender? or do we apply for a secured loan for the shortfall and then move both to a new mortgage?
Thanks for any advice.
Al
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