Home Improvements

Mimi_Arc_en_ciel

Hi, 

I own my property outright and would like to make some home improvements - at present, I've been saving and then doing 1 thing a year - however they have been minor costs. 

The improvements I am now looking at are going to cost approximately 15k-20k. 

Firstly - I am over paying on my debts and should be debt free within the next 12 months. No payments have been missed etc so nothing damaging to my credit file. 

I'd ideally like to then look at financing these improvements - Would it be better to get a loan? re-mortgage?  

Having never borrowed so much (at least in one go!) I don't know the best way to go about this and I am looking at planning ahead. 

Could you advise? 

Many Thanks 

[Deleted User]

As always, it depends. You can possible get a lower rate on a remortgage, but you're then increasing the risk to your home. There's also the practical issues of when you current mortgage product ends.

With a personal loan, affordability will become more of an issue as well as your credit history. If your history is poor or you've been carrying your current debt for a long time, you'll struggle to get a decent offer.

Break down the work into sections and see what you need to fund and when. Then look to do it via a combination of your savings and the most efficient borrowing if still needed. That could include 0% cards if the supplier accepts them and you can get one.

Mimi_Arc_en_ciel

Thank you for the reply.

I don't currently have a mortgage - inherited the house so haven't ever had one. 

Credit history is fine - No CCJ's etc and all my debts are paid up (as in, no missed payments, minimum always paid) - the longest debt I have is the tesco loan which was 5 years (Was for my car, was cheaper to get the loan than finance at the time) 

I said earlier today to my OH about doing one at a time (It's me being impatient...) but I do have my reasons. My living room desperately needs doing -It's ok on the surface but my ex wasn't the nicest of people and there are a few walls that have taken a bash from him so I expect it all needs replastering etc. My plan is to completely tear it back to the walls and restart 

bargainbetty

Perhaps you should get the quotes in first and see what you can do in sections versus all at once. 

Having had to get half a living room re-plastered due to damp, and living with the dust, dirt, drying, sanding and re-painting, I'd honestly advise against it unless you absolutely can't get bits repaired instead! Save yourself the money and disruption  

Pixie5740

Mimi_Arc_en_ciel said:

Hi, 

I own my property outright and would like to make some home improvements - at present, I've been saving and then doing 1 thing a year - however they have been minor costs. 

The improvements I am now looking at are going to cost approximately 15k-20k. 

Firstly - I am over paying on my debts and should be debt free within the next 12 months. No payments have been missed etc so nothing damaging to my credit file. 

I'd ideally like to then look at financing these improvements - Would it be better to get a loan? re-mortgage?  

Having never borrowed so much (at least in one go!) I don't know the best way to go about this and I am looking at planning ahead. 

Could you advise? 

Many Thanks 

There’s often a minimum amount for mortgages which is £25k. For £15k to £20k a personal loan would seem more appropriate. Money transfer credit cards are another option if you can get sufficiently high enough limits or depending on what work you’re having done you might get 0% finance from the supplier as I did when I installed a new kitchen. 

Jasonsmith13

Good luck with your home improvement

CliveOfIndia

Jasonsmith13 said:

Good luck with your home improvement

Given that this thread is 2 years old, I'd hazard a guess that the OP has got it sorted by now.