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Good Deal or not?
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jayswann
Posts: 12 Forumite
Hi,
We recently decided to go down the route of improve (compared to move).
We wanted to release equity of approx 15k on the mortgage, which we are reluctant to do as our current deal is 0.35% above base!
Following discussions with our current lender, they tried to deter us from also giving up this deal which I was glad they did.
However, they offered us a exclusive loan deal to current mortgages customers for home improvements which is 4.35 variable rate.
If we were to borrow 15k over a 5 year period, the monthly cost is 275, with no ERC.
This is well within our budget, and it means I get to keep the great mortgage deal but my question is this a good deal or is there better out there?
We recently decided to go down the route of improve (compared to move).
We wanted to release equity of approx 15k on the mortgage, which we are reluctant to do as our current deal is 0.35% above base!
Following discussions with our current lender, they tried to deter us from also giving up this deal which I was glad they did.
However, they offered us a exclusive loan deal to current mortgages customers for home improvements which is 4.35 variable rate.
If we were to borrow 15k over a 5 year period, the monthly cost is 275, with no ERC.
This is well within our budget, and it means I get to keep the great mortgage deal but my question is this a good deal or is there better out there?
0
Comments
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'Take their hands off' would be my response !Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0
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yep, got to take it, otherwise you would need to look at a personal loan, which would be mroe expensive..0
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