Home improvement loan options

[DENZIL88]

We moved 5 months ago and did not realise the amount of work that needed doing to the house until we had moved in. So we need to borrow another £10k. I know we have to have paid 6 full months of the mortgage to be able to apply for this. We have 50% equity in the property. What are the disadvantages of having the further £10k on an interest only repayment basis?? The bulk of the mortgate is fixed repayment basis over 17 years. Obviously the main advantage is that it is a third of the monthly repayment price. Thanks.

[ladybirder]

If you've got a job and you have 50% equity I don't see a problem as long as you know how you are going to pay it off.

[DENZIL88]

It was suggested to us by a friend, as we still have loads to do to the house, and the repayments would have been cheaper, thats all. Just wondered ! Thanks.