mortgage vesus loan

MossD

I am a homeowner, with no mortgage. Is it better to take out a loan for £20,000 or a mortgage? Thanks

mrginge

I don’t know.

David_White

There's too many variables to make it a black and white question.

Generally speaking an interest rate would be lower on a mortgage but also the term would typically be longer meaning you could pay more overall.

There's likely to be more fees involved in taking out a mortgage such as legal fees, survey fees, lender fees and broker fees.

What's more important to you, monthly payments or the amount you repay by the end of the term?

I'd get a quote for both so that you can properly compare the costs.

kingstreet

Purpose of borrowing?

MossD

Home improvements