Mortgages

Former Member

Wasnt sure where to put this but thought people here might know what i need to know.

I am looking at borrowing money to do home improvement and looking to borrow about 10.000.
What is the best way for me to get this cash ? Would i remortgage with another company, stay where I am and get a loan thing added onto my mortgage or what would you advise ?

Sorry I know naff all about mortgages and dont know where to start, all i know is that I need about 10.000

Any advice would be appreciated, thanks

Former Member

I would advise that you contacted an INDEPENDENT financial advisor.

Personally, if I were you, I would avoid getting any secured loans unless you have to. Depending on your income and credit rating, you'd be offered more than you expect.

Oh, and if they're advertised on Sky, avoid them, apart from Lombard. Unless you don't value your knee-caps all that much;)

Former Member

in my experience ...your bank is best bet.
see if you can upgrade your overdraft facility first, to the absolute max ...about 5 grand? if it's less than that say 3 grand ...do it.

Former Member

Right I dont want to have a bank loan or anything like that, its got to be tied in with the mortgage. So is that called a remortgage ? I honestly aint got a clue, our current mortgage gets paid monthly by direct debit and thats all I know.

Our current mortgage is for about 34.000 (I think), and our house on todays market would be about 100.000, so we have the colateral or whatever you call it.

sorry im having a blond day

Former Member

Originally posted by BeckyBoo
Right I dont want to have a bank loan or anything like that, its got to be tied in with the mortgage. So is that called a remortgage ? I honestly aint got a clue, our current mortgage gets paid monthly by direct debit and thats all I know.

Our current mortgage is for about 34.000 (I think), and our house on todays market would be about 100.000, so we have the colateral or whatever you call it.

sorry im having a blond day

financial advisors cost money ...some of them are crap ...some of them are more worried about their commisions than your problems.
have a word with your bank manager ...free.

Former Member

Originally posted by morrocan roll

have a word with your bank manager ...free.

Yeah thats what I was thinking, but id like to know what im trying to ask for when I get there

Former Member

Say you want £10,000, and ask him for the options.

Once you've paid arrangement fees on a remortgage, it's probably worth only getting a bank loan unless you take more out.

The word you were searching for is equity.

Former Member

Originally posted by morrocan roll
financial advisors cost money ...some of them are crap ...some of them are more worried about their commisions than your problems.

Definitely.

But so's the bank manager;)

Former Member

Originally posted by BeckyBoo
Yeah thats what I was thinking, but id like to know what im trying to ask for when I get there

look him her in the eye ..."i need ten grand ...is it cheaper to get it off you or some other crook"?
the bank manager will try to baffle you with their wonderousness ...stop them 30 seconds into their blurb and tell them you are not an economist ...whats in it for the bank ...whats in it for you etc ...thats how i deal with them all the time ...it works.

Former Member

Originally posted by Kermit
Say you want £10,000, and ask him for the options.

Once you've paid arrangement fees on a remortgage, it's probably worth only getting a bank loan unless you take more out.

The word you were searching for is equity.

so where the hell did i get colaterol from :eek2: and i know ive spelt it wrong as well

With a bank loan though the payments would be much more wouldnt they
oh i dunno.......but ive seen what I want and I want it now, all I need is the dosh

Former Member

You would have to tot it up.

It depends on your income, your credit rating and how long you take the loan out for. You can get money from Lombard from about 7%, if you take loads out for a long time.

Don'ty forget with a remortgage that you would have arrangement fees and surveryors fees. You could clock up £650 in fees, on such a small amount fo money you'd have to work out if it was worth it.

If you are set on the mortgage idea, take some more out and cut the credit cards up.

Former Member

Originally posted by BeckyBoo
so where the hell did i get colaterol from :eek2:

Collateral is a similar word, kind of.

Former Member

Originally posted by Kermit

Don'ty forget with a remortgage that you would have arrangement fees and surveryors fees. You could clock up £650 in fees, on such a small amount fo money you'd have to work out if it was worth it.

I think it might be worth speaking to my bank who i have the mortgage with and see how much they will charge and if its gonna be a huge amount it might be best remortgaging with another lender cos you always hear about remortgaging with no charges.

Former Member

Originally posted by BeckyBoo
you always hear about remortgaging with no charges.

dodgy.

Former Member

Originally posted by BeckyBoo
ou always hear about remortgaging with no charges.

Nah.

They just add them on the end.