Loan or Remortgage?

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  • jacsll55
    jacsll55 Posts: 76 Forumite
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    Wishing you good luck for that and hope things get sorted and help you move forward and have a good life.
    Credit is a scam and we are slaves to it.
  • -taff
    -taff Posts: 14,504 Forumite
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    No one forces anyone to take credit, so blaming someone else for your own actions is a bit childish.
    Shampoo? No thanks, I'll have real poo...
  • JimmyTheWig
    JimmyTheWig Posts: 12,199 Forumite
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    I think in this instance people are being unfair on the OP.
    In effect he was looking to pay £20k more than he did for the house that he wanted. He's done that. No-one would have argued against it if he'd found such a house.
    The error he made was believing he could remortgage to cover the renovation costs. He can't.

    [I'm slightly concerned that it includes money spent on furnishing a house he won't be living in for very long, but lets assume that that is a small proportion.]
  • easty
    easty Posts: 78 Forumite
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    JimmyTheWig wrote: »
    I think in this instance people are being unfair on the OP.
    In effect he was looking to pay £20k more than he did for the house that he wanted. He's done that. No-one would have argued against it if he'd found such a house.
    The error he made was believing he could remortgage to cover the renovation costs. He can't.

    [I'm slightly concerned that it includes money spent on furnishing a house he won't be living in for very long, but lets assume that that is a small proportion.]


    I have spent on furnishing yes, but I'll be taking that when I move. I will be living here another couple of years, give or take a month or two, I think.



    Appointment with a mortgage advisor tomorrow.
  • JimmyTheWig
    JimmyTheWig Posts: 12,199 Forumite
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    easty wrote: »
    I have spent on furnishing yes, but I'll be taking that when I move. I will be living here another couple of years, give or take a month or two, I think.
    Even if you take the furnishings with you, they won't last as long as the loan you're wanting to pay for them.
    [I'm not posting this to have a go, but as something to think about for the future - and for others reading in a similar position.]
  • easty
    easty Posts: 78 Forumite
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    JimmyTheWig wrote: »
    Even if you take the furnishings with you, they won't last as long as the loan you're wanting to pay for them.
    [I'm not posting this to have a go, but as something to think about for the future - and for others reading in a similar position.]


    Ah ok, yeah I get what you're saying now. It is a pretty small proportion of the debt to be honest.



    Just back from appointment with the mortgage advisor (First Mortgages) and I'm pretty happy with how it went. They're going to look at deals for me, and I have another meeting with them next Thursday to discuss what they've got.



    They couldn't guarantee me anything, of course, but based on thier experience they didn't have any concerns.
  • easty
    easty Posts: 78 Forumite
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    Just a wee update to this.

    I ended up going through Trussle, who got me a new deal with Natwest. Everything has gone very smooth. I'm going from my current deal @ 2.74% to a new deal @ 2.06%.

    When I bought 18 months ago, the home report valuation was £120k, I've had it valued again for the remortgage and it went in at £160k. Multiple properties in my street have gone for £170k+ recently. All in all I'm very happy.

    My plan remains the same, stay here a couple of years, before selling and buying somewhere else. Unless there's a market crash, I'm going to do pretty well out of this place. It's been a stress, a lot of work, a lot of money on renovations, a lot of time and effort. Worth it in the end though.

    I appreciate everyones input in this, and my other associated thread.
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