Re-mortgage to get £10,000

duncan32

Hello,

I need to get about £6,000 for a new kitchen, and am thinking of re-mortgaging to release the money.

Simple question: is this a good idea? Or would it be more sensible to just get a loan?

Thanks,

Duncan

akaddcmp

my dad this the same thing....for 10k he wanted to take out a mortgage, he was gna pay it back in less than a year...after going on this site i realised that if he couild pay it off quick then it would be a good idea to make use of 0 percent deals which he did and it saved him quite abit of cash in terms of no interest.

it kida depends on yourself. if you think tyou can do it with o% cards then this will be good coz u wont be paying intertest (only the bt fee) but if you want it to be secure and u want it long term then go for a remotgage or a loan depending on Interest Rates

Kez100

Why are you raising a 10k loan if you only need 6k? You are already doubling your repayments by taking out more than you need.

duncan32

Typo, sorry about that. It will be somewhere between 6 and 10k, hopefully nearer 6k. But, of course, you're right, I'll only increase the mortgage by what I need.

Duncan