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Remortgage question
rmjowen
Posts: 38 Forumite
Hi,
I have recently completed renovations to my home and have funded a portion of this through a loan.
I am after opinions and advice on whether it would be better to remortgage and pay off the (no penalty) loans, which I expect to be an 85% LTV mortgage, or, remortgage to a 65% LTV (potentially 60% depending on new value of the house) and keep the loan as is.
The loan is 5 years and I can afford the repayments (provided no change in circumstance) and I know over the course, it will be more costly to add it to the mortgage, but I suppose I'm asking, what would you do?
Thanks
I have recently completed renovations to my home and have funded a portion of this through a loan.
I am after opinions and advice on whether it would be better to remortgage and pay off the (no penalty) loans, which I expect to be an 85% LTV mortgage, or, remortgage to a 65% LTV (potentially 60% depending on new value of the house) and keep the loan as is.
The loan is 5 years and I can afford the repayments (provided no change in circumstance) and I know over the course, it will be more costly to add it to the mortgage, but I suppose I'm asking, what would you do?
Thanks
0
Comments
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Crunch the numbers to ascertain your best option.0
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Don't forget that the loan may impact on how the lender assesses your affordability, which may impact on whether you're offered a mortgage of your choice.0
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