Take a higher mortgage to improve an house

housebuyer143

Loads of people still lend after taking a mortgage. We immediately took out as much interest free credit as we could get so we could stooze it, and had no issues racking up £30k in debts 🤣. I wouldn't take a loan, just stick to interest free credit cards.

What you would normally do is, interest free, then interest free credit card, then balance transfer to interest free on the next card etc etc until it's paid. It takes a lot of self control though, so don't do it if there is any chance you won't pay it down.

sheramber

Do you need to do everything at once?

Can you not do it atages when you can afford it?

moneysaver1978

Luke451 said:

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I do have credit cards with 18 months free deal, enough to make a new kitchen of around 8k for example, but it's more risky to do in this way rather than with a mortgage, ...

....

Why is an 18-month 0% credit card more risky than a mortgage? I thought it would be less risky because you get the consumer rights with a credit card and also a lot cheaper than a long-term mortgage loan.

Emily_Joy

1. Ecology building society has renovation mortgages, but they are a little expensive.

2. It is probably better to live in the house for a year to get better idea what you actually want to do there...

Luke451

housebuyer143 said:

Loads of people still lend after taking a mortgage. We immediately took out as much interest free credit as we could get so we could stooze it, and had no issues racking up £30k in debts 🤣. I wouldn't take a loan, just stick to interest free credit cards.

What you would normally do is, interest free, then interest free credit card, then balance transfer to interest free on the next card etc etc until it's paid. It takes a lot of self control though, so don't do it if there is any chance you won't pay it down.

So you took like one interest free kitchen for example, then credit card debt and then you tried to move the debt as it as more convenient?

The problem is that interest free credit requires also an hard credit check, most people pass that but you can forget the rest, unless you already own the credit card, which I do, but I don't seem to have the interest free deal at the moment

Luke451

moneysaver1978 said:

Luke451 said:

...

I do have credit cards with 18 months free deal, enough to make a new kitchen of around 8k for example, but it's more risky to do in this way rather than with a mortgage, ...

....

Why is an 18-month 0% credit card more risky than a mortgage? I thought it would be less risky because you get the consumer rights with a credit card and also a lot cheaper than a long-term mortgage loan.

Just money to overpay monthly, more financial pressure, that's all.

Anyway I don't have such deals at the moment, I was wrong, so it doesn't help.