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Home Improvements Loan or Mortgage?
Keith_Prince
Posts: 1 Newbie
in Loans
I know there are a number of ways to fund home improvements by borrowing extra money, either by increasing your mortgage or by taking out a personal loan but which works out as the best / cheapest? We have a lot of equity in the property so no risk of repossession etc and we can afford increased monthly payments but we just don't know whether (for example) option 1,2 or 3 are cheapest... 1. add £25k onto existing 20yr mortgage, 2. Get a new separate £25k 10yr mortgage 3. Get a £25k Loan over 5yrs????
0
Comments
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The cheapest is a function of rate and term. Depending on what you do, you could pay from 0% upwards.
Have a look at what options are available to you based on your minimum term and work up from there.0
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