We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Loan v Mortgage - Your thoughts?
Tattybogle
Posts: 5 Forumite
I have about 6 years left to run on my £80,000 mortgage which will then be fully paid off. I have just decided that my house needs some serious work doing which I anticipate will cost in the region of £15,000. Here is my dilemma; should I opt for a personal loan for this sum over a period of approximately 15 years or should I opt to start a 'new' mortgage for the money. I'm 46 and intend working for another 10 years or so when I will have an excellent (and very secure) pension. I've got children of school age so I want to keep repayments as low as possible. What thoughts has anyone got about this? I want to keep my £80,000 mortgage alone as I've just fixed at a good rate for the next 2 years. My credit score is likely to be excellent and there is plenty of equity available in the house.
Your advice is appreciated!
Your advice is appreciated!
0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354K Banking & Borrowing
- 254.3K Reduce Debt & Boost Income
- 455.2K Spending & Discounts
- 247K Work, Benefits & Business
- 603.6K Mortgages, Homes & Bills
- 178.3K Life & Family
- 261.1K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards