Funding a total/partial rewire

jamesfeatherstone

Howdy

we have recently been told we need a new consumer board (trip switch) to replace the fuse box on our out of date existing fuse box.

the house ia 1930's and the wireing (?) looks just as old.

We are wondering weather to have a total rewire done at a cost of about £4-5k.

My question is are we better getting a loan, or borrowing on the mortgagage ?

mortgage is currently at 5.45% with about 2yrs fixed, then another 16yrs to pay.

I also have an unsecured loan of 5.7% with about 6 yrs left to pay.

Would i be better consolodating all into mortgage,
or getting a new loan,
or adding to current loan (i dont think northern rock will go for this) ?

thanks

James

Malky

A new consumer switch box is no more than £100. Labour to fit £200 absolute max. Why not do that first and get the electrician to have a look over your wiring before jumping into the deep end? You may be able to borrow against your mortgage but rewiring, I would assume, would add little or no value to the house. £4-5K sounds a bit steep. Perhaps shop around before deciding.

di3004

Hi there

Just a suggestion, I am a member with Shield for the electrics through Swalec, for about £4.50 a month, when you become a member they automatically check your electrics for you and will tell you what needs to be done and maybe a rough estimate of what it should cost.

I am not advertising as such but I read your post in regards of your re-wiring and just though it may be of something to think about.
I have had a few wires here and there updated in with this too.

Maybe worth googling Shield Cover "electrics" Swalec, see what you think.

Good luck on with all this.;)

zppp

jamesfeatherstone wrote: »

Howdy

we have recently been told we need a new consumer board (trip switch) to replace the fuse box on our out of date existing fuse box.

the house ia 1930's and the wireing (?) looks just as old.

We are wondering weather to have a total rewire done at a cost of about £4-5k.

My question is are we better getting a loan, or borrowing on the mortgagage ?

mortgage is currently at 5.45% with about 2yrs fixed, then another 16yrs to pay.

I also have an unsecured loan of 5.7% with about 6 yrs left to pay.

Would i be better consolodating all into mortgage,
or getting a new loan,
or adding to current loan (i dont think northern rock will go for this) ?

thanks

James

I don't believe Northern Rock are doing unsecured loans any more. You won't get an unsecured loan anywhere under 7.5%, so I would look to see if anything could be done with your mortgage.

I do agree with the other posters though, £4-5k is very steep