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Overpaying to borrow more for home improvements

mylifemyrules
mylifemyrules Posts: 106 Forumite
Third Anniversary 10 Posts Photogenic
in Mortgages & endowments
Hi,
Is it a good idea to overpay my mortgage now so I can borrow money for home improvements? Currently owe 122000 (house worth 190000) can comfortably afford to overpay 300 a month due to end current deal in Jan 2024. Want to borrow 25k for garage conversion. What do you think? 

Comments

  • silvercar
    silvercar Posts: 49,801 Ambassador
    Part of the Furniture 10,000 Posts Academoney Grad Name Dropper
    I'd be saving the money in a savings account and leave your mortgage as it is.
    I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.
  • mylifemyrules
    mylifemyrules Posts: 106 Forumite
    Third Anniversary 10 Posts Photogenic
    Problem is it would take far too long to save and the home improvements are rather urgent 
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