£50k Loan for Home Improvement

supersaverg

To: DCF79

Noted. However, pre-approved with Tesco for 5.9%, not a bad deal and low cost if spread over 10 years.

Just not sure which route to go. Have plenty of equity in house, but do I remove it and end up with a worse interest rate on new mortgage due to LTV rate?

heartbreak_star

flat_broke wrote: »

I have an expensive wife.

Hurrah! The kind of woman that gives women a bad name.

Tell her to buy her own stuff if she wants it. Then the gifts you do buy her have more meaning

(Sorry for the rant. I know you love her )

HBS x

freeisgood

ERICS_MUM wrote: »

would you like a second wife ?

Dang, you beat me to it!

.....Would you like a harem?

Tixy

supersaverg wrote: »

To: DCF79

Noted. However, pre-approved with Tesco for 5.9%, not a bad deal and low cost if spread over 10 years.

Just not sure which route to go. Have plenty of equity in house, but do I remove it and end up with a worse interest rate on new mortgage due to LTV rate?

It usually best to start a new thread for a new query (as this is now mixed up with new replies to the OP).

Anyway if you are preapproved at that rate and better than the representative APR then that is a good deal. Is 10years as quick as you can afford to repay?

If you were to add it to your mortgage how long would you intend to repay the loan over? 10year still? or over the remainder of your mortgage - and if so how long is that?

You really need to cost out the different options in terms of overall cost of mortgage and the new loan.

But do also consider the difference in terms of if you have a change in circumstances and struggle with repayments.

Thrugelmir

supersaverg wrote: »

Noted. However, pre-approved with Tesco for 5.9%, not a bad deal and low cost if spread over 10 years.

Pre-approved is still subject to , no guarantees of application acceptance.