Unsure of which option is best/suitable

ralfralf1

Thanks in advance for any advice:

First I'll start by explaining that I am currently in receipt of higher rate PIPS and another benefit (i can't remeber the name). My wife works part-time at a school. Our income is approx. £1500 a month.

My mortgage is small just under £8000.

I would like to loan a sum of money, around £25,000, to pay off current mortgage, do some home improvements and buy a reliable car.

I'm off to the bank tomorrow to seek their advice but would like to know what my options could (or could not) be before I go. Would a remortgage or loan be better do you think?

Credit file is clear and spotless, I have an excellent relationship with the bank also.

[Deleted User]

Assuming you mean borrow rather than loan, remortgaging would like be the only option on your income.

jonesMUFCforever

You need to check with any lender what benefits they are willing to accept as repayments for a loan.
From what you written I think you will struggle to get a loan of anywhere near £25k.
(Do you qualify for a motobility scheme car?)

John-K_3

Why do you want to borrow to pay off your mortgage? What are you hoping to achieve by that? You will still owe the money, just possibly to someone different.