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We have paid off our mortgage but want to remodel our bathroom and hot water system. The quote is around 30000 pounds. is there any way we can get a mortgage to cover this borrowing or are we forced to use a personal loan. We are only looking for a 5 year mortgage and even then would look to make overpayments so as to reduce the term.
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216you should be able to remortgage to cover that amount ... make sure it's flexible payment terms and no penalties ... borrow more than you need if you don't meet the minimum amounts ... you can repay some of it almost immediately to reduce the debt down to what you wanted.
Posted on 13 September 2009 |
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414Wow that is going to be a very nice bathroom!
Why don't you consider just saving the money up and then paying cash in a few years? That way you get the interest on the money, rather than the bank. Taking out a mortgage is not cheap, and for borrowing only 30 k over a few years, the fees will add several % to the quoted interest rate.
manzanilla
Posted on 13 September 2009 | Love 0 loves
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