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Borrowing for home improvements
Steve_and_Elaine
Posts: 9 Forumite
Hello,
We need to borrow some money for home improvements. I was thinking of lumping this onto our existing mortgage. I have just spoken to the bank and they offered a second mortgage account or a personal loan - both options are eye-wateringly expensive.
What is the best way to go about this?
All suggestions welcome - as long at it's legal!
We need to borrow some money for home improvements. I was thinking of lumping this onto our existing mortgage. I have just spoken to the bank and they offered a second mortgage account or a personal loan - both options are eye-wateringly expensive.
What is the best way to go about this?
All suggestions welcome - as long at it's legal!
0
Comments
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You have 4 options usually.
Ask your lender for a further advance, which you have done
Check out an unsecured loan, which you have done
Remortgage the whole lot with another lender
Get the extra advance from another lender, leaving the current mortgage as it isI am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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 -
You may want to speak with a whole of market mortgage broker adviser, as they'll be able to elaborate on all the options available to you, whilst providing you with a breakdown of costs on each scenario.
You'll be then much better placed to make an informed choice on the best solution for you.I am a Mortgage Adviser
You 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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