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Home extension loan
Hi. I have about 160k in savings and need about 100k to give me some breathing space on extension I’m planning to do.
My house has no mortgage and I have some properties under business account too. Again no mortgages or loans on them.
What’s the best loan to get, ideally want something that I can payback quicker without extra charges. I reckon I can pay it off in 3 years (£3k monthly) but some months I’ll be able to pay extra.
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Comments
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Not clear here - do you have £160k in savings and you want to borrow £100k on top - or do you not want to use the savings?
If you have the funds (and more!) why pay to borrow - you can 'repay' the £k back into your savings?1 -
I’ll get to send the 160k plus need an extra 100k.retiredbanker1 said:Not clear here - do you have £160k in savings and you want to borrow £100k on top - or do you not want to use the savings?
If you have the funds (and more!) why pay to borrow - you can 'repay' the £k back into your savings?0 -
260k for an extension? Might as well sell and buy a new house with a big deposit!
Sam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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