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Remortgaging or Loan for Home Improvements?

Good morning guys, 
Newbie on the forum looking for some advice please. 

I own my own house, a three-bed former council house which I purchased under the right to buy scheme in 2019. The house is valued at around £95/£100k now, but at the time the council valued it at £80k, selling to me for £33k with my right to buy discounts. 

I am down to £21,000 on my mortgage and I am looking to commit to some home improvements, primarily the bathroom and some cosmetic work on the spare bedroom. I think maybe £10k should cover everything. 

My mortgage renewal is coming up next month and Nationwide (who I am with now) can give me a pretty good rate if I remain. 
I am looking to re-mortgage or add a loan on to the house for the home improvements, but.......

I  have been a bit foolish in the past with debt and currently have around £4k outstanding in loans and £13k in some debt consolidation loan which I feel I was mis-sold. That's another story but a few years back I only wanted to borrow around £8k to clear my debts but between the brokers fee and interest, I ended up borrowing £16k. 

To be honest it's causing me a bit of stress as I am new to this type of world. I have a permanent job and take home around £2,300 per month. 

Really grateful for some advice please and apologies for the long post. 

Comments

  • BonaDea
    BonaDea Posts: 208 Forumite
    100 Posts Name Dropper
    If you have debts, why would you want to take on more debt to do non-urgent cosmetic work on the home?  Couldn't those improvements wait until you can afford them?
  • BonaDea said:
    If you have debts, why would you want to take on more debt to do non-urgent cosmetic work on the home?  Couldn't those improvements wait until you can afford them?
    I should have been a bit more clearer, my bathroom is in a terrible state and really does need re-modelling, the spare room and guest room just need redecorating, but yes, the bathroom is the main one. 
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