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Long term vs short term loan for home improvements question
We need to do some work on the house amounting to about £7000. We do not want to use our savings of £4000 because we need that for float (2 months' wages worth just in case). We also do not want to have a huge monthly outgoing. Our mortgage is currently a low £52000 on interest only with an endowment due to pay it off in 15 years time (it's on target or even a surplus - amazingly!) approximating £350/month in total payments. Do we simply extend the mortgage but on a repayment basis, or get a long term loan and who do we do it with and how do we go about it?
Thanks!!
Thanks!!
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