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Help.should I stay with Halifax and borrow more?????
mike230652
Posts: 530 Forumite
I have a mortgage of just under £33k with 7 years and 2 months left on it...
I want to borrow about £5K..... to pay for a new kitchen ( Kitchen is £18K...I have cash for the rest of it).
I'm with Halifax on standard repayment mortgage...
I'd like to keep my monthly payments the same...circa £505...so am I better off just taking another £5K with the Halifax and extending my mortgage by a year or so ??? ...... or perhaps changing mortgage companies? If so, I'd only look to borrow about £38K paid over 8-9 years maximum, maybe not worth it for another mortgage company?
Any suggestions welcome.....my house is valued at £255K so no equity issues, just looking for the best way to go..........
I want to borrow about £5K..... to pay for a new kitchen ( Kitchen is £18K...I have cash for the rest of it).
I'm with Halifax on standard repayment mortgage...
I'd like to keep my monthly payments the same...circa £505...so am I better off just taking another £5K with the Halifax and extending my mortgage by a year or so ??? ...... or perhaps changing mortgage companies? If so, I'd only look to borrow about £38K paid over 8-9 years maximum, maybe not worth it for another mortgage company?
Any suggestions welcome.....my house is valued at £255K so no equity issues, just looking for the best way to go..........
if i had known then what i know now
0
Comments
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It depends on the rate of interestr that you have ben offered
If you can obtain a better rate of interest else where and there are no redemption penalties if you leave yoiur existing lender it might be worth while You would need to look for a new re-mortgage provider that would offer a fee valuation and free convayancing should you move to themI 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 advice0 -
You need to consult a fees free independent broker who can do the maths for youI like to give people as many choices as possible to do what I want them to. (Milton H Erickson I think)0
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