We are looking to borrow £20-£25k to consolidate some debts (£10k)and take some money for home improvements (£10k) We currently own our home which is valued at £320k . Age 40& 38. I have some missed payments on utility bills , an over my overdraft limit for 3 months and my husband has previous payday loans outstanding. We are Both employed earning approximately £45k a year total income.
is this something that we could consider? Are internet rates very much higher than high street banks?
Thank you for any help in advance
Should also say we also own a home that we bought in 2004 and is now rented out £43k mortgage/ £75/80k value (c&i)
The buy to let shouldn’t have a big impact as imagine it will be self financing.
It is not clear from the original post, but I have assumed you have no mortgage on your current property?
In any case the devil will be in the detail, but I’d expect a positive outcome on not far off highstreet monthly payments, although depending upon the specifics highstreet terms could be possible.
It would be prudent to obtain your credit file and have this assessed, as this will allow a professional to obtain an accurate quote on terms achievable..
Yes Hayley our current home has no mortgage on . Is there a minimum loan amount that we can borrow for a loan/mortgage?
Every lender is different on the minimum mortgage and with some your requirements will be short of that minimum.
There will almost certainly be a solution still, but obviously needs to be cost effective for you.
Often for borrowing of this value, you’d need to weigh up all financing options as securing on your property over a longer term typically increases the overall, total cost of the borrowing..