M
Monica
Guest
Hi there,
We've owned a house since 1998 and now need to do a few renovations i.e. new windows, new bathrooms, floor coverings etc. to the value of 15,000 but we want to sell this house in 3-5 years time (still have to do the renovations because they can't be left for 3-5 years).
We find that we will come into money to the value of more that above in 1-1.5 years time.
Should we remortgage now or get a bank loan over a three year term?
My concern is that I can't afford to pay the bank loan over 1 year and need to know if a large down payment can be paid off the mortgage or can this down payment be paid off a three year loan or will severe penalities occur.
Please advise.
Does anyone know a good financial advisor??
Regards
Monica
We've owned a house since 1998 and now need to do a few renovations i.e. new windows, new bathrooms, floor coverings etc. to the value of 15,000 but we want to sell this house in 3-5 years time (still have to do the renovations because they can't be left for 3-5 years).
We find that we will come into money to the value of more that above in 1-1.5 years time.
Should we remortgage now or get a bank loan over a three year term?
My concern is that I can't afford to pay the bank loan over 1 year and need to know if a large down payment can be paid off the mortgage or can this down payment be paid off a three year loan or will severe penalities occur.
Please advise.
Does anyone know a good financial advisor??
Regards
Monica