advice on a new 10,000 loan pls

27col

My thoughts exactly jellie.

jayson043

Please do think again about what your considering, the 10 year loan or adding the amount to your 25 year mortgage are bad ideas. 11k in interest! think again do you really want to spend 21k on a kitchen?

bouncydog1

Something doesn't add up here. If you borrow £10k by increasing your mortgage I can't see, when rates are at rock bottom, how you would pay £100 per month for 25 years! If that is the case you must be on a very high rate.

Have you spoken to your mortgage lender to see what the options are? HSBC for instance, do equity release at a similar rate to the mortgage. Although secured, as it's for home improvements, the value is going onto your home so not the same as borrowing to pay off something like a credit card by using the security in your home.

suggest you get the credit reports, do a very honest budget and go along and see your bank. You should also have managed to save something towards to things that need doing e.g. £1,000 so you're not asking for the full amount.