Loan or add on to mortgage??

LJW_2

Hi we recently bought a house and added 15k on top to do work in the house. However we need another 5k to finish. Which would be the best way to get this money? Would it be to add on to the mortgage or get loan from a bank or other source? I suppose the repayment cost would be a lot different with each scenario but would just like some advice before we approach anybody.

Hope you can help!

greengrass

Hi LJW

It just depends what the apr is on your mortgage, we set up a one account a year ago and borrowed about 10k which we are still paying back, if I wanted to borrow now I think I would have a seperate loan and get it paid off sooner, unless you can get your extra borrowing paid off quickly on your mortgage I think I would stick to a loan.

This is just my opinion, I am sure someone will come along soon with more useful advice.

JoeK_3

If the loan is for home improvements, you could apply to your existing mortgage lender for a 'further advance.' If this should fail for any reason then maybe a secured loan or a personal loan from the banks.

JoeK