Holiday dilemma

belfastgirl23

Just to say a holiday to Ireland won't be cheap - I often cross the border for a day away here and there and find it very expensive, especially with the eurozone issue. And there's no guarantee of decent weather either if you're a sun worshipper If Ireland is where you're interested you'd be best thinking of Northern Ireland where at least you are spending in £ rather than euro The antrim coast is beautiful! And I promise I'm not being biased, I love spending time in the south but the cost issue is a big one.

Any

Lunar_Eclipse wrote: »

However, if you decide to borrow money for a holiday, would it be possible to increase your mortgage instead of taking a loan? I say that because the interest rate should be substantially lower, although you may need to pay an admin charge for the privilege. If you went down this route, I would still encourage you to pay if off quickly (eg your £50/month) and not let it sit on your mortgage debt for the long term.

I really cannot see how this option is better.
Not all mortgages allow you to do overpayments, so if they don't you will be stuck with debt for next XY years, which yes, APR might work out cheaper PER ANNUM but over long term becomes 3x the amount you borrowed to start off with.
+ possibly chance of paying admin charges etc..

OP I would suggest you defo don't do this if you can help it.

margaretclare

belfastgirl23 wrote: »

Just to say a holiday to Ireland won't be cheap - I often cross the border for a day away here and there and find it very expensive, especially with the eurozone issue. And there's no guarantee of decent weather either if you're a sun worshipper If Ireland is where you're interested you'd be best thinking of Northern Ireland where at least you are spending in £ rather than euro The antrim coast is beautiful! And I promise I'm not being biased, I love spending time in the south but the cost issue is a big one.

I agree with this. We had a holiday on the west coast of Ireland last summer based in Killarney. It was lovely, but good God, was it expensive, because of the exchange rate.

Next month we're going to Shetland. We're concentrating on places we can go without having to change to the euro. There are many lovely places in the British Isles that we haven't yet seen, and that includes the Antrim coast - we may get there yet!

I don't agree that anyone has to have a holiday, especially not going into debt for one. Having been to Orlando (I have a half-sister who lives not far from there) I wouldn't take out a loan of £4K to get there! There's not that much there that's worth seeing. The best thing for me was going to Cape Canaveral - now, that was something else.

pinkmami

I wouldn't bother going abroad with a 5 months old. I'm one who loves lounging by a pool (after paying so much to get there) & with a baby I can't do that. My kids are 9, 7 & 3 & we go to Center Parcs about twice a year if we can. I've never go into debt for a holiday.

Once they're older I'd consider it but when I have a toddler I prefer to be in this country where I can easily get home in a matter of hours should the need be.

make_me_wise

Instead of getting a loan to pay for a holiday, could you house swap with any of your relatives? Things were really tough for us a few years back but we were in desperate need of a holiday.

My brother lives in the Peak District and we live in London. We were happy to go to his place as the surrounding area is gorgeous and there is loads to see and do. Same for him coming and staying at ours with his family and having a fab base to explore London from.

All it cost us was the petrol to get between the two and spending money. We ate breakfast and dinner at the house, and took pack lunches with us every day. So food wise it cost us no more than our weekly shop.

Just an idea

Threebabes

I would go, lifes too short. You will pay it back. You will find that the interest isnt so bad on a small amount. We borrowed for our car over 4 year, and the interest on that amount wasn't too bad. :-)

Counting_Pennies_2

pukkamum wrote: »

We would but unfortunately DH's holidays are fixed and he only gets 2 weeks in summer, in the school holidays!!

Then I would suggest speaking with the school and asking to take the children out for the other weeks he is fixed to go outside of school hols.

My school is very reasonable, if the holiday is fixed for a parent the school are more than happy to be obliging

jackieglasgow

Could you not use your nest egg, and set up a standing order for the £50 per month to go back into that account, instead of a loan with interest? The actually, you would be putting back more than you have taken because you would be paying yourself the interest.

ailuro2

I'm of the opinion that holidays are a luxury and not something to take out debt for.

sorry if that bursts anyone's balloon, but I'd be putting away the £50 a month somewhere that I couldn't touch it and be having a cheap weekend away somewhere using Tesco vouchers / cheap Travelodge, and then saving the money up for next year.

I think you need to put more than £50 a month away to go abroad with 2 adults and three kids.

Buy now, pay later gets you less for your money in the long run!;)

pukkamum

Counting_Pennies wrote: »

Then I would suggest speaking with the school and asking to take the children out for the other weeks he is fixed to go outside of school hols.

My school is very reasonable, if the holiday is fixed for a parent the school are more than happy to be obliging

The other hols he gets are also in the school hols!!!!
He's not even a teacher!!!!
He gets 2 weeks at xmas two weeks in the summer first two wks of August and a week in the October half term.