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Borrowing £40,000?
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somner
Posts: 25 Forumite
My partner and I wish to borrow £40,000 to be used for a mixture of reasons; buying a piece of land adjacent to the house inc. legal costs etc, related garden work, home improvements and to pay off approximately £10,000 worth of debts (obviously borrowing at a lower rate than the rates on our current debts). We currently own our home outright, which is valued at £150,000.
What would be the best way to borrow this amount of money? A small mortgage? Releasing equity from the house? Another method?
Many thanks.
What would be the best way to borrow this amount of money? A small mortgage? Releasing equity from the house? Another method?
Many thanks.
0
Comments
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Why not get some independent financial advice?
There's no guarantee that you will get a lower rate of interest than what is on your current debts; have you taken that into consideration?0 -
Have a chat with a broker. Remortgage of an unencumbered property is what you would need.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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