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Personal loan or re-mortgage?

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Personal loan or re-mortgage?

2 replies 101 views
KirstieC15KirstieC15 Forumite
1 posts
MoneySaving Newbie
I'm considering an extension to my home and calculate I'll need around £45k. I own my home outright with no mortgage and earn a good salary. My question is, would it be better to apply for a personal loan or re-mortgage? 

Replies

  • venisonvenison Forumite
    4.5K posts
    1,000 Posts Fourth Anniversary I've been Money Tipped! Mortgage-free Glee!
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    You might get a better deal by mortgaging but only if you go for a shorter term mortgage.
    Stay safe, keep well and take care x
  • DrEskimoDrEskimo Forumite
    1K posts
    1,000 Posts Second Anniversary
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    Yea I suspect it will be easier to borrow that sort of money against the house (unless you have a very high income and no debts), and you will likely get a cheaper rate assuming it's a small proportion of the house's value.

    As above, just make sure you keep the term short.
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