Personal/home improvement Loan or mortgage???

OL16

Please delete thread Moderator. Thank you.

Jim2007

OL16 wrote: »

Can we just get a personal loan or a 'home improvement loan' to finish off the house?

Do I understand you correctly, you are going to ask someone to give you a loan to carry out improvements on a house that does not exist?

If so then, no. In fact it most likely would fall under the category for fraud.

OL16

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Jim2007

OL16 wrote: »

You seem angry, possibly sad. Reflect.

I'm neither angry nor sad. I asked you to clarify if I understood you correctly.

OL16 wrote: »

We can get a house built to a certain stage, because we have the site and the cash. That is our hope/intention/possible scenario.

I was inquiring, because I foolishly though, I could get a quick and helpful answer here; as to whether we would need a loan, including a home improvement loan or would we need to apply for a mortgage to finish the house. Is that simple enough?

And I pointed out to you that you can't get a home improvement loan on house to does not exist as it most likely would fall under the category of fraud.

blindside88

I’d price up the mortgage protection as it may not be as expensive as you think. A personal loan will usually be a max of 10 years. There’s a handy app called EZ calculators which has a simple loan calculator. This will easily allow you see the difference in payments between a mortgage (3% interest approx) and a personal loan (6-8% approx).

Banks can also give an exemption on life insurance on the mortgage, if you cannot get cover you’d be in a very strong position to apply for this due to the amount of equity.

Best of luck with it

OL16

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