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morgage with a reserve
carlos700
Posts: 507 Forumite
I really need your advice our house is in desprate need of new windows and front door.The back of the house is fine it is just one bedroom ,i would like a bay at the front and front door with two side panels .
The morgage which we have is fixed for 2 years but at the time they said we could borrow an extra £3500 we have not used this so it is in what they call RESERVE where we can take this money anytime in the next 12 months.
My dilema is we are on a tight budget but we do need the windows done .I do not know if anyone can advice on whether the windows and door would cost £3500 hopefully less.I am thinking this extra reserve which we borrow would be on a variable rate ,would this amount alter our monthly payments greatly ?
The morgage which we have is fixed for 2 years but at the time they said we could borrow an extra £3500 we have not used this so it is in what they call RESERVE where we can take this money anytime in the next 12 months.
My dilema is we are on a tight budget but we do need the windows done .I do not know if anyone can advice on whether the windows and door would cost £3500 hopefully less.I am thinking this extra reserve which we borrow would be on a variable rate ,would this amount alter our monthly payments greatly ?
0
Comments
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Why not contact a number of local double glazing companies and ask them to give you quotes.
Contact your lender and ask them what the extra £3,500 would cost per month.
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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