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Quick Question - Loan or Increase Mortgage?
Kingsd316
Posts: 1,394 Forumite
Hi all,
Just a quick question, our fixed rate is coming to an end in april and we are looking into getting a loan of about £7,500 for various home improvement, do you think it is better to get an unsecured loan for the amount or get an increase in the mortgage and overpay the amount we would have paid back on the loan, effectively getting a better APR?
Thanks
Just a quick question, our fixed rate is coming to an end in april and we are looking into getting a loan of about £7,500 for various home improvement, do you think it is better to get an unsecured loan for the amount or get an increase in the mortgage and overpay the amount we would have paid back on the loan, effectively getting a better APR?
Thanks
:beer:
0
Comments
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I prefer the mortgage option if you feel you have the discipline to keep to the plan. This also gives you the flexibility to adapt to changes in your circumstances, should any take place.I am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.0
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Lower APR would be a further advance from your mortgage provider. you could then select an appropriate term (it will be a seperate product from your main mortgage)0
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