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Remortgage or secure loan?
scottreid11
Posts: 1 Newbie
My wife and I are both 28 and own our current house outright at a value of £165K. We are looking to move and upsize to a house worth £255K and as we are planning to move before having permenant jobs secured (initial jobs will be temporary contacts) and an initial mortgage is not an option, my wife’s mother has offered to lend us the extra £90K which we will then pay back through (hopefully?) a remortgage (even though we don’t have a mortgage?) or a secured loan against the house.
So my question is, which of these would be the best option given our situation, and what are the monthly repayment likely to be over a 25 year period when borrowing this amount of money?
Many thanks
So my question is, which of these would be the best option given our situation, and what are the monthly repayment likely to be over a 25 year period when borrowing this amount of money?
Many thanks
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