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Should I remortgage our home, that is the question?
mrsbudget
Posts: 242 Forumite
Hi,folks,
Just wondering if you could help me decide on this. At the moment my hubby and I have an £85 000 mortgage from Bank of Scotland having a tracker rate (dont really know what that means) and paying a part of capital and interest rate. We have a 16.5 yrs to go. We are paying £687 per month at the moment.
We are hoping to have our basement converted which could be another room and a toilet. My neighbour who converted their own basement said it cost them nearly £20,000 but he said that was cheap because his son and him did it themselves. So, I thought for us to get someone might cost around £30,000 then.
My question is should I remortgage our house now or wait till we really have spare money to spend on the basement. I am only working part time at the moment and hoping to be fulltime when the kids are a bit older (8 & 7 yrs old):eek: . Our income at the moment is really budgetted but an added £100 to our morgage will be ok.
Could you give me some suggestions, pls...and if ever, should i stay in tracker or which is the best one for me. thanks.
mrs budget..
Just wondering if you could help me decide on this. At the moment my hubby and I have an £85 000 mortgage from Bank of Scotland having a tracker rate (dont really know what that means) and paying a part of capital and interest rate. We have a 16.5 yrs to go. We are paying £687 per month at the moment.
We are hoping to have our basement converted which could be another room and a toilet. My neighbour who converted their own basement said it cost them nearly £20,000 but he said that was cheap because his son and him did it themselves. So, I thought for us to get someone might cost around £30,000 then.
My question is should I remortgage our house now or wait till we really have spare money to spend on the basement. I am only working part time at the moment and hoping to be fulltime when the kids are a bit older (8 & 7 yrs old):eek: . Our income at the moment is really budgetted but an added £100 to our morgage will be ok.
Could you give me some suggestions, pls...and if ever, should i stay in tracker or which is the best one for me. thanks.
mrs budget..
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