[b]help - Should I Get A Mortgage[/b]

Moonbeam

My hubby and I want to do some work to the house - have the garden landcaped, garage converted to a play room & utility room (it's too small for cars unless you have a smart car) and buy some new furnishings. We currently own our house in full and it is worth approx £215,000.

We have one loan at the moment for £6000 that we took out 7 months ago to purchase two cars. We would pay this off with any mortgage we took out.

We have a joint income of around £18,000 and one small dependant who is 2.

Should we get out a small mortgage - say £30,000 to enable us to do up the house? Has anyone got any alternative suggestions?

Thanks

hairy_cornflake_2

Hello Moonbeam

I cant think of a cheaper alternative - its all down to affordability. From what you have stated you should have no problem and you would be entitled to the best rates on the market - subject to credit history!

Your intended improvements would also suggest you would add value to the property as well -(ok some people would rather have a garage than a playroom ... but it shouldn't deter too many buyers in the future)

I suggest you contact an independent mortgage adviser who can assess your needs fully and give you appropriate advice in relation to costs, schemes etc

herbiesjp

What you are looking to do seems to be the easiest and cheapest way of achieving your goal - the small mortgage against the value of the property would make you have the whole market place available in terms of rates available to you.