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  • FIRST POST
    • pbryd
    • By pbryd 6th Feb 18, 5:47 PM
    • 74Posts
    • 287Thanks
    pbryd
    Best Way to raise 10k?
    • #1
    • 6th Feb 18, 5:47 PM
    Best Way to raise 10k? 6th Feb 18 at 5:47 PM
    I own my flat (with around 7k left on Halifax mortgage).

    It's empty at the moment, so over the course of this year, I'd like to have it rewired, plastered, new (tiny) kitchen, carpets and doors fitted etc etc.

    What options do I have to raise, say 10k, to help pay for this work?

    Could I add it onto my mortgage, or take out small loans as and when I need them.

    Or perhaps put some of it on credit cards and shuffle them for 0% deals.

    Sorry if it a daft question, I have never had a loan before and pretty responsible when it comes to finances.
Page 1
    • zx81
    • By zx81 6th Feb 18, 6:41 PM
    • 16,849 Posts
    • 17,861 Thanks
    zx81
    • #2
    • 6th Feb 18, 6:41 PM
    • #2
    • 6th Feb 18, 6:41 PM
    Depends entirely on your circumstances - your income, debts, credit history.

    Remember that the cheapest options may not be open to you.

    You also need to consider what payment types your suppliers might accept - eg does the plumber accept credit cards?
    • pbryd
    • By pbryd 6th Feb 18, 7:25 PM
    • 74 Posts
    • 287 Thanks
    pbryd
    • #3
    • 6th Feb 18, 7:25 PM
    • #3
    • 6th Feb 18, 7:25 PM
    I'll be honest and say I will need to find additional work to cover repayments.

    My credit history will be good, I've had a couple of credit cards but never missed a payment.

    Barclaycard are offering a money transfer at 1.9% fee up to 3k, (0% until Nov 18) this might be a good start to get the work going.
    • zx81
    • By zx81 6th Feb 18, 7:34 PM
    • 16,849 Posts
    • 17,861 Thanks
    zx81
    • #4
    • 6th Feb 18, 7:34 PM
    • #4
    • 6th Feb 18, 7:34 PM
    Sounds as if affordability is a significant problem.

    Try an eligibility checker before jumping into an application.

    You say your history is good - but what sort of payments did you not miss? Minimums? In full? How long as you used the cards? Regularly or infrequently.
    • pbryd
    • By pbryd 6th Feb 18, 7:45 PM
    • 74 Posts
    • 287 Thanks
    pbryd
    • #5
    • 6th Feb 18, 7:45 PM
    • #5
    • 6th Feb 18, 7:45 PM
    I'm an infrequent user, I paid them all off for a few years but have around 1k on one atm.

    I did have one which had a small amount each month always paid off.

    I'll try those eligibility checkers.
    • Pixie5740
    • By Pixie5740 7th Feb 18, 11:34 AM
    • 12,114 Posts
    • 17,058 Thanks
    Pixie5740
    • #6
    • 7th Feb 18, 11:34 AM
    • #6
    • 7th Feb 18, 11:34 AM
    A single 10k loan will be less expensive that lots of little loans because the sweet spot for the best APR is usually between 7,500 and 15,000.

    I used a couple of 0% money transfer credit cards to pay for works to my home but I was confident that I could clear the balances before the end of the 0% introductory offer and therefore wouldn't have to pay a balance transfer fee to shuffle the debt further down the line.
    • Candyapple
    • By Candyapple 7th Feb 18, 11:58 AM
    • 2,866 Posts
    • 2,193 Thanks
    Candyapple
    • #7
    • 7th Feb 18, 11:58 AM
    • #7
    • 7th Feb 18, 11:58 AM

    Barclaycard are offering a money transfer at 1.9% fee up to 3k, (0% until Nov 18) this might be a good start to get the work going.
    Originally posted by pbryd
    Increase your Barclaycard limit to as much as possible, that way you will be able to use 95% of the available balance to use for the money transfer. You are able to increase your limit via online servicing. That should be a start, a 2k increase should be possible so you'd be half way onto your goal.
    I'm a Board Guide on the Credit Cards, Loans, Credit Files & Ratings boards. I'm a volunteer to help the boards run smoothly, and I can move and merge threads there. Any views are mine and not the official line of moneysavingexpert.com
    • Helen_wilson
    • By Helen_wilson 7th Feb 18, 12:01 PM
    • 4 Posts
    • 2 Thanks
    Helen_wilson
    • #8
    • 7th Feb 18, 12:01 PM
    • #8
    • 7th Feb 18, 12:01 PM
    Hard to decide on one option over the other but worth looking closer at interest rates and period of payment if you are considering your options. At the end of the day what's important is you shell out less than the original mortgage payments and thereby paving the way to save a little more than what you have.
    • Tarambor
    • By Tarambor 7th Feb 18, 2:32 PM
    • 2,857 Posts
    • 2,066 Thanks
    Tarambor
    • #9
    • 7th Feb 18, 2:32 PM
    • #9
    • 7th Feb 18, 2:32 PM
    A personal loan will be cheaper than putting it on your mortgage. You can get a 10k loan for around 3%.
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