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Best way to borrow a large amount of money to fund home improvements

HI, My first time on here!
I am looking to raise around £60K to fund home improvements (extension etc) the cheapest way 
Have excellent credit score so thought of getting several 0% credit cards which do money transfers (know will be about 3% to pay but then 0%) and then transfer as the 0% introductory period ends.
Or would the best way be to borrow on my mortgage, we owe £85k over 10 years left and house is worth £225k without the improvements (We know this as we recently sold then had to pull out as the property we were buying fell through and then decided to stay and improve.
Dont want to increase term on my mortgage 

any advice greatly appreciated

Comments

  • [Deleted User]
    [Deleted User] Posts: 0 Newbie
    1,000 Posts Second Anniversary Photogenic Name Dropper
    edited 5 March 2021 at 11:57AM
    Not a chance in heck unless you earn £100k+ that you'll get 60k worth of credit cards in one hit and you're taking a huge gamble that you'll then get BT cards with enough credit to cover whatever debt you have remaining. Also lending is tight at the moment, consider what other debts/credit you have as that will impact lending. Will your house be worth 60k more with that work? Can you do it in bits and pieces? Adding to your mortgage and paying more is the most realistic way you will get the money.
  • DrEskimo
    DrEskimo Posts: 2,379 Forumite
    Seventh Anniversary 1,000 Posts Name Dropper
    Is there any rush? Why not save and do parts as and when you have the money.

    The problem with several credit cards is if you get to the point of having large amount of debt across cards, it may be no longer possible to qualify for balance transfers. The interest would then shoot up very quickly.

    Mortgage would be the easiest, but would depend what mortgage product you are on currently as to when you will be able to increase it.
  • We have no debt anywhere except what we owe on our mortgage, thought i could get a couple and my partner we have good disposable income but saving isnt a option as we need the extra bedroom ASAP
  • DrEskimo
    DrEskimo Posts: 2,379 Forumite
    Seventh Anniversary 1,000 Posts Name Dropper
    We have no debt anywhere except what we owe on our mortgage, thought i could get a couple and my partner we have good disposable income but saving isnt a option as we need the extra bedroom ASAP
    How much do you have saved already, and how much do you have disposable each month to save?

    Planning, getting architects, permissions, finding builders etc. will all take time before you even have to start handing over large amounts of cash, so you will have time to accumulate some funds.

    What mortgage product are you on currently and when does that end?
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Look at obtaining a home improvement loan from your current mortgage lender. 
  • Caz3121
    Caz3121 Posts: 15,731 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    when are you planning to do the work, how far along the process are you? I have kicked of architects drawings for an extension then will be structural engineer drawings, then planning and building control...the builders I have spoken to currently are booked until after the summer (and no guarantee I would have planning approval by then) so it could be some months away before you actually need the money so you may be able to save for a few months reducing the amount you need to borrow
  • Herzlos
    Herzlos Posts: 15,381 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    saving isnt a option as we need the extra bedroom ASAP
    Why?
    If it's because of a(nother) kid they will spend the first year in your room and then can share with siblings for a while.
    For a home office you can get a garden room for a fraction of the cost, or use a caravan or something in the short term.

    If you do need to borrow, then you've got enough equity in the house to add £60k to the mortgage which most lenders will allow.
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