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Remortgage or loan?

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JS2006

JS2006 Posts: 161 Forumite

23 January 2007 at 10:34PM in Mortgages & endowments

I'm lookiing to take out a loan to improve my £100k, fully paid for house. It has never been mortgaged (ex-council and discount)

I'm looking to borrow about £3k

Am I better remortgaging or getting a loan? I'm unsure what monthly payment I would be unable to make but probably £150-ish

Any recommendations?

Jamie

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Comments

JS2006 Posts: 161 Forumite

24 January 2007 at 10:56PM

Any suggestions at all?

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MortgageMamma Posts: 6,686 Forumite

24 January 2007 at 11:00PM

for 3k a loan will cost you a lot less than a mortgage, and many lenders will not remortgage unless fopr a min of 5k

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.
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JS2006 Posts: 161 Forumite

24 January 2007 at 11:32PM

MortgageMamma wrote:

for 3k a loan will cost you a lot less than a mortgage, and many lenders will not remortgage unless fopr a min of 5k

So what kind of loan should I go for? I've seen people post about secure and unsecure loans. I don't have a clue really!

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herbiesjp Posts: 8,499 Forumite

25 January 2007 at 8:53AM

A normal personal unsecured loan is the best option to go for

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.

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mrnomoneybags Posts: 633 Forumite

25 January 2007 at 4:40PM

I think there is a 5.8% moneyback bank one floating around?

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