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Personal loan or remortgage?
Hello forumites, I need your help please.
I've recently found myself pregnant and single. I have a small amount of debt on 0% credit cards which will be paid off before the end of the year. I also have enough savings to (hopefully) cover nearly a year of maternity leave. I am on a very good salary and I have about £70k equity in my maisonette. I would say I am financially stable (although this is my first child and on a single income, I have zero idea about how this is going to work in reality). I'm working on the assumption I won't get a penny from the father.
There is stuff that needs doing on my maisonette, nothing desperately urgent, but important stuff like new rear double glazing (including the baby room), new drive way (current one floods every winter starting from today!), garden needs serious attention (it is essentially a 100ft field of grass and an overgrown dog rose), plus some general things like I need one of the window surrounds replastering (damp damage prior to purchase which I have rectified with new gutters). I don't need to purchase anything for the baby, everything has been either bought on gumtree or given to me.
Dilemma: do I remortgage now before the baby comes? I could then release some equity and get everything ship shape before February due date (nesting urges kicking in). I am very, very reluctant to get a personal loan but I understand it's better not to secure debt against a property. I also feel like I'm in a better position now to get a remortgage/loan as technically I have no dependants and I'm on full whack salary. If I waited a year (or more), they would take my dependant into consideration and my income would solely be statutory maternity pay (£140 per week which will cover my current mortgage which some change left over).
Or should I just batten down the hatches and forget about doing any home improvements for a few years? I just feel like it's now or never?! Having cleared all my debts (including student loan) I am now triply cautious about getting into any again.
:think::think::think:
I've recently found myself pregnant and single. I have a small amount of debt on 0% credit cards which will be paid off before the end of the year. I also have enough savings to (hopefully) cover nearly a year of maternity leave. I am on a very good salary and I have about £70k equity in my maisonette. I would say I am financially stable (although this is my first child and on a single income, I have zero idea about how this is going to work in reality). I'm working on the assumption I won't get a penny from the father.
There is stuff that needs doing on my maisonette, nothing desperately urgent, but important stuff like new rear double glazing (including the baby room), new drive way (current one floods every winter starting from today!), garden needs serious attention (it is essentially a 100ft field of grass and an overgrown dog rose), plus some general things like I need one of the window surrounds replastering (damp damage prior to purchase which I have rectified with new gutters). I don't need to purchase anything for the baby, everything has been either bought on gumtree or given to me.
Dilemma: do I remortgage now before the baby comes? I could then release some equity and get everything ship shape before February due date (nesting urges kicking in). I am very, very reluctant to get a personal loan but I understand it's better not to secure debt against a property. I also feel like I'm in a better position now to get a remortgage/loan as technically I have no dependants and I'm on full whack salary. If I waited a year (or more), they would take my dependant into consideration and my income would solely be statutory maternity pay (£140 per week which will cover my current mortgage which some change left over).
Or should I just batten down the hatches and forget about doing any home improvements for a few years? I just feel like it's now or never?! Having cleared all my debts (including student loan) I am now triply cautious about getting into any again.
:think::think::think:
0
Comments
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If you've no savings to pay for it, then I would go without. Certainly the garden isn't any kind of priority.
You'd also need to lie when you applied for the remortgage or loan, when they ask you if you know of any forthcoming material changes that may affect your income. Definitely not a good way to go.0 -
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