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Moving house - How to fund renovation
joeyvicks
Posts: 237 Forumite
Hi there,
We're looking at moving home and I'm weighing up my options at the minute. We've seen somewhere we really like and it needs around 20k spending on it to bring it up to speed. We have 35k equity in ours but by the time we've paid stamp duty, legals etc etc we'll have 27k left over.
The house we like we should get for 260k. I'm wondering whether I would be better using all this equity as deposit and then funding the building work with 6k of my own money and 14k spread over a 7k loan and 7k on a credit card or using 5% as deposit and then only having to fund 1k by credit card/loan.
On a monthly payment point of view (mortgage cost + loan cost) the 5% option works out £41 more but I don't have 14k of "debt" to pay off.
Opinions very much welcomed.
We're looking at moving home and I'm weighing up my options at the minute. We've seen somewhere we really like and it needs around 20k spending on it to bring it up to speed. We have 35k equity in ours but by the time we've paid stamp duty, legals etc etc we'll have 27k left over.
The house we like we should get for 260k. I'm wondering whether I would be better using all this equity as deposit and then funding the building work with 6k of my own money and 14k spread over a 7k loan and 7k on a credit card or using 5% as deposit and then only having to fund 1k by credit card/loan.
On a monthly payment point of view (mortgage cost + loan cost) the 5% option works out £41 more but I don't have 14k of "debt" to pay off.
Opinions very much welcomed.
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