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mortgage/ additional loan
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Posts: 105 Forumite
i currently have a property worth £240000 and a mortgage of £133000,i would like to borrow another £25000 to do some home improvements and pay some debts off.my credit rating is not very good ,not through non payments but because of all the debt on credit cards.do you think i will get the loan applied for??total household income£60000
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Depends how bad your credit rating is. If you were thinking of a secured loan, it could be cheaper to increase your mortgage. An unsecured loan may be more expensive but would is less likely to put your home at risk if you con't keep up repayments.
You have a lot of equity in your home and your salary could support a larger mortgage, so it does depend on your credit rating. Have you approached your current mortgage lender?I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
i am tied into a deal till feb 2008,so do not want to pay exit fees,i have an appointment tomorrow0
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i am tied into a deal till feb 2008,so do not want to pay exit fees,i have an appointment tomorrow
Your choices are:-
1) Further advance from your existing lender
2) Secured Loan
3) Unsecured loan
JoeKI am an Independent Financial Adviser.Anything posted on this forum is for discussion purposes only. It should not be considered financial advice. Different people have different needs and what is right for one person may be different for another. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser who can advise you after finding out more about your situation.0
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