Loan or credit card

twitterpated

Hi
We're remortgaging and want to borrow a little more for home improvements. After reading MSE remortgaging guide I'm reluctant to add this to our mortgage  (due to paying back a lot more interest over time) and wondering whether to get a loan or credit card. We are looking at borrowing around £3,000 and would prefer smaller monthly payments but ideally lower interest rates. We probably wouldn't be able to pay off the full amount in the interest free period with a credit card but could do balance transfer. My concern is that the home improvements we want to make are in the garden so we will receive invoices from the landscaper- can we use a credit card to pay invoices?? If so, how?
Thanks.

Malkytheheed

Save up till you have enough. Simple. 

twitterpated

Ideally we'd like a new garden next summer not in 3-4 years.

Sandtree

Find a landscape gardener that accepts credit cards... if you cannot then you'd need to get a money transfer credit card with a 0% deal so that you can transfer the money to your account first and then pay him by cash/bacs or whatever. 

[Deleted User]

In terms of which is best, you need to compare the total cost of each.  Bear in mind that if you need to borrow £3k over such a long period, you're likely to fail on affordability.  Equally, this may mean you won't get a 0% card.

As to how to pay the landscaper with a card, you just need to ask them if they accept credit card payments.

MallyGirl

I doubt you will find many landscapers accepting cards unless they are the bigger firms (who will likely cost more as they will be VAT registered). Money transfers have the flexibility but the 0% deals tend to be short (like 13 months instead of 27 months you might get for 0% purchases). I think it is going to be save for a big bang or do the work in stages as you can afford it - or incur the extra interest associated with adding extra borrowing to the mortgage

D3xt3r5L4b

twitterpated said:

Iamdebtfree said:

Half the country lost their jobs and living on the breadline, the rest are in fear of redundancy  and you 'want a new garden now not in 4 years?' Really, in July 2020? Maybe watch the news one day. New gardens are luxuries for prosperous times. Smh.

I appreciate that there are people in a less fortunate position that I am financially. I think as an NHS key worker I should be able to 'treat' myself and my family to a garden that we are able to use so that we can have some quality time together next summer after the horrendous months/year we're having. I don't understand why you've felt the need to comment this.

Anyone that’s continued to work during the pandemic is a “keyworker” IMO.

But I agree with the above - save up and pay for it then. 

cymruchris

If you do decide to take a further financial product - I'm sure you know not to do it until you've fully completed your re-mortgage? With credit tightening - have you checked eligibility checkers to see the likelihood of getting accepted for a loan or a card based on your personal circumstances? Are there some cheaper options that could give you a nice spot in the garden for now, with a longer term plan for a better project?