mortgage or credit card for building work

bigbuckaroons · 13 September 2011 at 3:57PM

I'm looking at remortgaging - going for another fixed rate for 5 years for security. Also want to add around £5k for some building work. Do I add the £5k to the mortgage or am I better off putting that on a credit card? Especially as I'm not sure how much it will cost - maybe not £5k with any luck?

I have a £38,000 mortgage which I'm hoping to pay off in 10 years. Just been on the phone with my lender and it seems complicated to add further lending etc

thank you!

Thrugelmir · 13 September 2011 at 4:14PM

Hi and welcome,

Who is your lender?

Do you have any debts other than the mortgage ?

bigbuckaroons · 13 September 2011 at 4:22PM

hi, lender is principality at the moment, no other debts, thanks

Thrugelmir · 13 September 2011 at 4:27PM

Principality do offer a secured loan option.

http://www.principality.co.uk/Home/Mortgages/Secured%20Loans.aspx

Seems you can set the repayment term of this loan between 2 - 25 years.

Will be cheaper than borrowing on credit card.

Ring and ask for application form.

bigbuckaroons · 13 September 2011 at 5:04PM

thank you, can't wait until i can forget this mortgage business for another few years!!

Thrugelmir · 13 September 2011 at 5:25PM

bigbuckaroons wrote: »

thank you, can't wait until i can forget this mortgage business for another few years!!

This forum will no doubt still be here. :beer:

mortgage or credit card for building work

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