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Mortgage Vs Loan
rosieposy_2
Posts: 2 Newbie
Hi,
Just after a little advice from anyone who could possibly help. My Northern Rock mortgage deal is up on 1st June and have inherited some money to pay it off (75k) . However our house is in need of major repairs ( an estimated 20 -25k ). Would it be best to remortgage to 25k or take out a loan? We're hoping in the future to be able to save to pay it off but at the moment can't really afford to pay more than £150 out per month. I have considered moving the 75k mortgage then paying off 50k, remortgaging 25k and also having a 25k loan but am way confused as to which is the best option.
Any advice would be a godsend! Thanks
Just after a little advice from anyone who could possibly help. My Northern Rock mortgage deal is up on 1st June and have inherited some money to pay it off (75k) . However our house is in need of major repairs ( an estimated 20 -25k ). Would it be best to remortgage to 25k or take out a loan? We're hoping in the future to be able to save to pay it off but at the moment can't really afford to pay more than £150 out per month. I have considered moving the 75k mortgage then paying off 50k, remortgaging 25k and also having a 25k loan but am way confused as to which is the best option.
Any advice would be a godsend! Thanks
0
Comments
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Hi welcome to MSE.
Unless I'm missing something, why not just pay off 50k of the mortgage, keeping 25k back for the HIs. Thus no need to remo or get a loan?
Cheers0 -
Thanks Andy. Northern Rocks rate seemed quite high to me but I guess when you factor in new arrangement fees etc it may be the best option.0
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