OK, I know lots of people have huge mortgages and are struggling to cope at the moment, so if you are easily offended by smugness, look away now!
Our current mortgage deal runs out in a couple of months - only £11k left but we want to borrow another £5k to do some improvements, so £16k total.
Sadly, no one wants to lend such a small amount to us! And the odd few who do want to charge us another thousand pound for the pleasure. WTF!
Anyone got any suggestions as to where to look to get decent deal?
Thanks
wouldn't it be easier, cheaper, quicker and safer just to get a personal loan - wouldn't have any arrangement fees and wouldn't put your home in jeopardy if you happen to default on payments.
I presume you will automatically get moved to the standard variable rate. That is likely to be a much better rate than any deal you can get at the moment. As ps99 says, just get a loan for the £5k
get a personal loan over a term (max normally 7-8yrs) that gives you the monthly payment you are happy with. The rate will prob be higher than it is for a mortgage but the money you save on the arrangement fee should offset the higher interest rate.
Have a look on www.Moneysupermarket.com for some good deals as you bank may not always be the cheapest.
Up your payments, pay off the M' then save the 5k and be beholden to no one.
My mortgage is similar to yours (14 grand left over three years)and my fixed rate deal runs out in November
Considered borrowing a few grand, my lender Nat West seemed ok with it, changed my mind in the end, but maybe worth a look.
who is it with?
Doesnt he need to borrow £16k not £5!
Financial Advisor? We really strugggled to get a mortgage on the high street but an advisor came up with a number of deals that the same lender on the high street wouldnt offer.
I'd look at a personal loan too
[i]Doesnt he need to borrow £16k not £5![/i]
Yes, but the £11 mortgage will still be there, it'll just be on the standard variable rate not a special deal (probably). In the current climate the svr is likely to be the best deal you can get, anyway.
''help! help! my mortgage is too tiny!'' would you like to swop for a bigger one? 😉
going onto the SVR and overpaying seems like a good idea. the issue with the thousand pound fee makes a personal loan look like much better value