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Borowing extra on mortgage?
leeandy
Posts: 9 Forumite
Hi all , first post here but after some genuine advice.
We are looking to borrow some money , around £15,000 possibly.
Can anyone suggest the best way to borrow this amount ?.....
Add it to our mortgage and increase payments over the full term ?
Get a loan and repay over a far shorter term?
Any advice would be great
Thanks
Lee
We are looking to borrow some money , around £15,000 possibly.
Can anyone suggest the best way to borrow this amount ?.....
Add it to our mortgage and increase payments over the full term ?
Get a loan and repay over a far shorter term?
Any advice would be great
Thanks
Lee
0
Comments
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What's the purpose of borrowing the money?0
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Oh i forgot to say , its for home improvements such as new kitchen ,driveway, and refurbishment of conservatory ..we moved into our house 3yrs ago and it hasnt been touched in 30 yrs..0
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More info needed
How much do you owe on the mortgage?
What is the value of the property?
Are you in the middle of a fixed deal?0 -
If you have equity in your property. Then a secured loan from your existing lender is probably the cheapest option. The term of your loan doesn't have to be the same as your mortgage.0
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We owe £84,000 on our property
Currently valued at £180,000.
Our current deal ends in february 2012 ,about 2 months.
Thanks0 -
We owe £84,000 on our property
Currently valued at £180,000.
Our current deal ends in february 2012 ,about 2 months.
Thanks
In that case you would probably do best remortgaging elsewhere for the larger amount you need, possibly doing different terms for the main part and the extra, or maybe just do the whole lot for a year or two less.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.0 -
Thanks for all the advice i assume im best to get an independant advisor in to go through some of the best deals
Thanks0
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