Cheapest way of borrowing £10k?

Caoimhin58

Hi all.
I need to get my hands on £10k. I'm looking to find the cheapest way of doing this? I have a 0% credit card, but would need another to make it to the £10k mark. Even then, I need to pay it to a private individual, which would mean taking out cash or paying cash into his account...which could gat very expensive. I've thought about adding it to my mortgage, but may have to get surveyors etc. on a re-mortgage (I have 8 years and £55k ish left on mortgage...house currently valued approx £125k). Finally, I have the personal loan route. These are my main options....can anyone give me advice as to which option offers best/cheapest value? Who is offering best deals out there for that amount of borrowing etc?
Many thanks as always to all who help out.

HappyMJ

A 3 or 5 year personal loan would probably be the cheapest...followed by a equity release from your property remembering that the interest will be charged over a longer term and will therefore cost more even though the headline interest rate is lower. Depends on what you can afford to pay each month. I'd go with 3 years at about £300 per month (costing about £800 in interest over the 3 year term) and use the 0% card to purchase things if you find yourself a bit short in any one month then refinancing the credit card when the 0% deal expires then paying off the CC quickly once the 3 years of personal loan payments have been made.

Caoimhin58

Many thanks MJ...
Shortly after I posted this, I went onto personal loans section and opted for Sainsbury's deal at 4.9% (as opposed to 7.9% offered by my bank...no wonder they're in bother!). Hopefully in 3 years I'll be loan free!

[Deleted User]

and did they offer you 10k at 4.9% or is that the "headline"rate?

xyellowx

woodbine wrote: »

and did they offer you 10k at 4.9% or is that the "headline"rate?

thats the rate/deal they will say finished yesterday, but you can have a loan at this rate ?%