Need £18k loan for new kitchen - best option?

JimmyTheWig

orange71 wrote: »

I'll need to factor in the £2700 redemption on current deal as well though...

Yes, well remembered. That takes it up to £402 a month.
Is that too much?

Is the 20 years to retirement what you would like, or is it when you would have to retire?
If you are allowed to continue working past that date then you could extend the mortgage to more than 20 years. With the endowment policy it doesn't actually matter (to you) how long you are paying it off for because you'll be paying it off (most of it at least) when that matures. You just need the bank to agree to the term.

If you extend it to 22 years then you'll only be paying £377 a month, which is back within your budget.

orange71

and fees for change of provider (inc survey).. could be another £2k...

Think I need to do some mortgage shopping :eek:

sistafromanothermista

There's nothing wrong with paying 18k for a new kitchen. I would hope to think that is with granite tops and appliances though.....

Ikea is just cheap tat with a trillion exclusions on the warranty. So i don't blame you for not going there.

orange71

yes includes all appliances (inc £1300 for a range), granite tops, flooring (engineered floating), lighting and a new ring main wiring and the small utility room the same (units/washing machine/sink/lighting etc etc).

AMILLIONDOLLARS

Are you taking out insurance to cover the new borrowing, just in case! Losing your jobs is not the only thing to worry about, there is your lives to consider as well!

AMD

sistafromanothermista

orange71 wrote: »

yes includes all appliances (inc £1300 for a range), granite tops, flooring (engineered floating), lighting and a new ring main wiring and the small utility room the same (units/washing machine/sink/lighting etc etc).

Doesn't sound like a bad price then tbh. Hope you find an affordable way to finance it. I wouldn't secure it personally. Try and go for a loan through your bank. It's a shame you didn't go 'all in' with a national company as most of these offer BNPL or low interest borrowing which you can settle early with no penalties. Also going through a Trustmark approved company ensures peace of mind AND cover by the furniture ombudsman *should* things go wrong.

vassa

There is nothing of 'extra quality' about an £18k kitchen. You can get polished granite everything and top of the range appliances all in for half that. You're being ripped off and can half that price if you shop around

vassa

sistafromanothermista wrote: »

There's nothing wrong with paying 18k for a new kitchen. I would hope to think that is with granite tops and appliances though.....

Ikea is just cheap tat with a trillion exclusions on the warranty. So i don't blame you for not going there.

LOL have you ever actually been in Ikea? Their top of the range kitchens are incredible and the quality is outstanding.

sistafromanothermista

vassa wrote: »

LOL have you ever actually been in Ikea? Their top of the range kitchens are incredible and the quality is outstanding.

I have. No service void in the back, expensive to install due to this. Poor quality, poor service, poor product all round really.

dealer_wins

New kitchen cost... Saving up for it £18000

Borrowing for it over 10 years £36000 (estimate)
Borrowing for it over 25 years £54000 (estimate)

Making do with existing kitchen £0