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Improvement loan as part of mortgage?
Rudeshark
Posts: 12 Forumite
The question is this...
If you're moving home and need a mortgage for it plus money to do some improvements on the new home, should you add the improvement money to the mortgage or get a separate loan?
I'd have thought the lower interest rate for the mortgage over a short-term loan would have meant the mortgage route is best, but it is over a longer term.
What is the usual advice?
Cheers,
RS.
If you're moving home and need a mortgage for it plus money to do some improvements on the new home, should you add the improvement money to the mortgage or get a separate loan?
I'd have thought the lower interest rate for the mortgage over a short-term loan would have meant the mortgage route is best, but it is over a longer term.
What is the usual advice?
Cheers,
RS.
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