Hefty bill for a new boiler

MrDerek

Hi, hoping you amazing people can help me get my head around my options.

I've been hit with a hefty bill for a new boiler, £3000 that I don't have currently. I've shopped around and think it's an ok deal, just need to find a way to fund it now.

EDIT: a lot of interest about my quoted price started a new thread here if you have any input - https://forums.moneysavingexpert.com/discussion/comment/71184961#Comment_71184961

I used the eligibility checker and it gave me these results -
MBNA - 0% 25 months - 100% chance subject to checks
MBNA - 4.9% 60 months - 100% chance subject to checks
Post Office - 0% 27 months - 95%
... and some others ...

so my thinking is -

Hassle free option - 60 mo 4.9%, used a calculator and I think it works out that I would roughly pay an extra £400 over the 5 years? which doesn't seem too bad and I probably won't need the full 5 years.

0% option - I would maybe try for the longer term card first to get me the extra months, but paying it off before the 0% ends might be difficult, I would likely have part of the balance spilled over, maybe up to 1000, but I could then transfer that balance to a 0% transfer card?

...any other options worth looking into? Bank Loan seems pricey and the company doesn't offer finance options.

I'm also a bit concerned about credit limits. If I don't get enough for the full £3000 what should my plan be? get another card to make up the balance or a personal loan if the remainder isn't much?

I currently have a tesco card fully paid off with it's 0% term ending this month. £2700 credit limit, but don't think it's going to be much use to me in this situation.

Appreciate any advice you can offer,
Derek

Nasqueron

Will whoever is fitting the boiler accept a credit card payment?

If not, look at a card offering money transfers

MrDerek

yep, no problems taking credit cards

[Deleted User]

MrDerek wrote: »

Hassle free option - 60 mo 4.9%, used a calculator and I think it works out that I would roughly pay an extra £400 over the 5 years?

Assuming no additional fees, the figures are:-

Total monthly payment: £56.48

Total charge: £388.58

Total repayment: 3,388.58

tacpot12

It will take time to get the boiler fitted, and for the first payment on the card to become due. If you can save £230 before the first credit card bill arrives, you'll be paying just £115 per month 0% Interest card. What can you afford per month?

C.M.

Be wary of the post office card...even though it offers 2 extra months at 0%, you only have to search this boArd for dozens of people complaining about the requirement for sending excessive amounts of I'D verification documents...which you have to pay to have certified

This is not a card you will have in your hands in a matter of days, and you will have to shell out cash for document certification in order to get it

bigadaj

MrDerek wrote: »

yep, no problems taking credit cards

Make sure you shop around, there was £1500 between the highest and lowest quotes we got earlier this year, and the final one we went with was less than £2k with a better boiler than the other quotes.

MrDerek

C.M. wrote: »

Be wary of the post office card...even though it offers 2 extra months at 0%, you only have to search this boArd for dozens of people complaining about the requirement for sending excessive amounts of I'D verification documents...which you have to pay to have certified

This is not a card you will have in your hands in a matter of days, and you will have to shell out cash for document certification in order to get it

Thanks for the tip!

lee111s

Get multiple quotes. £3000 is quite a bit for a boiler, I'd imagine you'll be able to get it for at least £1000 less.

MrDerek

The work isn't a straight swap so there's more involved.

The boiler that's in now is 25 year old with a tank that will need removing and there's pipework involved relocating the new combi. The quoted boiler is an ATAG Economiser 27, from what I've researched online, a good reliable quality boiler.

bigadaj

MrDerek wrote: »

The work isn't a straight swap so there's more involved.

The boiler that's in now is 25 year old with a tank that will need removing and there's pipework involved relocating the new combi. The quoted boiler is an ATAG Economiser 27, from what I've researched online, a good reliable quality boiler.

Ours was more involved, most are. There's no need to get a combi, we left our tank in and got a conventional condensing boiler, as well as a system clean, alteration of necessary pipe work and radiator valves installed as thermo controlled.

Never heard of that boiler, we got a Worcester, many of the quotes were for ideal who were offering kickbacks to the installer. The only other one he wanted to do was a baxi which was about £50 cheaper.

Standard boiler costs are typically around £750 to buy in so the rest is just labour really, unless you've got a very large house.