AdamBrunt
12-02-2010, 12:23
Hi all,
We are keen to make a few home improvements (update kitchen, boiler replacment, etc). Hopefully about £5-6k worth.
As far as I can tell we have the following options:
1) Release equity on the house/mortgage
2) Credit card
3) Overdraft.
I am guessing, with a current mortgage IR of 3.9%, (1) is the way to go. If so, would it just be case of asking the lender for the money (and getting a cheque) and then overpaying for the next 3yrs to get us back to the same place (as if we hadn't taken the money).
TIA for any help.
Regards,
Adam Brunt
We are keen to make a few home improvements (update kitchen, boiler replacment, etc). Hopefully about £5-6k worth.
As far as I can tell we have the following options:
1) Release equity on the house/mortgage
2) Credit card
3) Overdraft.
I am guessing, with a current mortgage IR of 3.9%, (1) is the way to go. If so, would it just be case of asking the lender for the money (and getting a cheque) and then overpaying for the next 3yrs to get us back to the same place (as if we hadn't taken the money).
TIA for any help.
Regards,
Adam Brunt