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remortgage or a loan!!
Greenhouse007
Posts: 1 Newbie
We are currently mortgage free, the current value of our property is £530,000. Looking to do some home improvements costing in the region of £50k. What would be the best option to borrow this amount, remortgage or loan. We have done a little research and found that loans can only be up to £30k? We only want the loan/mortgage to last short term approx. 5 years.
Any advice would be greatly appreciated, all options will be considered.
Any advice would be greatly appreciated, all options will be considered.
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@greenhouse007 If you have researched your personal loan options and they max out at £30k, the other option would be to take out a mortgage for 50k against your currently unencumbered property. If your income meets the affordability calculations for a 50k repayment mortgage over 5 years, there shouldn't be too much of a problem getting one.
I am a Mortgage Adviser - You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
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