Large loan or remortgage

Thumper_21

Hi

I'm wanting to secure a loan of circa £25k. I am about to move house and the new property needs a series of improvements made to it. Now, I was going to get a personal loan for 7 years for that amount as it meant the repayments would be the lowest. In the meantime I wondered whether there was another way to borrow the money that would mean my monthly payments might be lower, like remortgaging. The problem I have is that I'm porting my mortgage to the new property and I assume that in order to borrow any more money against the value of the house I will need to remortgage, which means that I would probably trigger the early repayment clause which is thousands.

So my questions is, does anyone have any experience in this area, and am I just best going for the loan? Or are there other options?

Thanks!

[Deleted User]

When you port your existing mortgage product, that's the time to increase your mortgage borrowing if you really have to.  There's no ERC when porting and it will be much easier than trying to get a loan post-moving and also at a lower rate.

But aim to pay it off sooner than the life of the mortgage.