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Is it best to increase mortgage or use savings?
jimbobcoc
Posts: 1 Newbie
My windows desperately need replacing. We've had a quote for £4000 to do what we need doing.
By coincidence the mortgage fixed period is about to end so we are looking to remortgage. The minimum extra we can add to our mortgage is £5000 (the rate would be 3.69%).
Is it better to add the 5k to the mortgage for the window replacements (the extra 1k can be used for other windows that will need replacing fairly soon anyway) or to use £4000 from savings, though this will be taking a big chunk from our savings.
By coincidence the mortgage fixed period is about to end so we are looking to remortgage. The minimum extra we can add to our mortgage is £5000 (the rate would be 3.69%).
Is it better to add the 5k to the mortgage for the window replacements (the extra 1k can be used for other windows that will need replacing fairly soon anyway) or to use £4000 from savings, though this will be taking a big chunk from our savings.
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Comments
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If you will still have adequate savings, then best to use your savings, if not then add to mortgage.
If you remortgage to a different lender you can add whatever figure you want, if you stay with your current lender if you do not need the full £5k, you should be able to repay the dfference.I am a mortgage adviser.You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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