Advice needed: Extend mortgage or get personal loan to fulfill will?

Rhoobarby

Hi, don't know if someone can get right to the crux of this with solid advice.
Good news: Less than 40k left on mortgage. 
Bad news:  Need 30-35k to fulfill / execute (?!) a will's terms this year. 
Should I extend the repayment mortgage I have or take out a well-chosen loan over a fixed term?
I'm less than 50 years of age btw.
Advice appreciated.

Willing2Learn

I am confused about why you need the funds in your account when you are an executor?  Please provide more details.  Thanks

jonesMUFCforever

More info required here - how come you need £35k to execute somebody 's will terms?
Are you the executor - does the estate hold the funds or have you done something naughty?

Rhoobarby

Hi,
Thank you for the replies.
So the will terms gave a certain time period (max. number of years) to fulfill the will terms, i.e. Give a member of the family x amount / relatively small % of the estate, which would mean selling /re-mortgaging the property to raise said funds or take a loan for that amount instead.
Does that make sense?

Rodders53

I'll ask what happened with the "large % of the estate" that made up the estate and why that was that not used to pay the "relatively small %" sooner than now? 

Can you get an unsecured loan for that £35k sum?  At what rate, over what term, are you comfortable repaying it?  What is total cost to repay in today's money?

Can you remortgage £40k to £75k (what LTV would that be)?  If yes, over what term and at what rate?  What is total cost difference in today's money to do that?  

Then you have the numbers to compare what is best 'value for money':  unsecured vs secured loan (mortgage).

Rhoobarby

Thanks. Needs must dictated the time frame. Now you've said it like that - unsecured loan sounds ridiculous when I can re-mortgage with security. Appreciated.