Go Back To Search Results Question further advance on your existing mortgage? my husband and i are looking to borrow money for home improvements, i was just wondering what would be the better option? a homeowners loan, or a further advance on our mortgage?? (also with the mortgage option, does it depend on the value on the property???) We were looking to carry itover 30 years?? By rhiannon r Posted on 02/05/12 Total Answers 4 Answers- Advances on a mortgage are always going to be cheaper than any other type of loan. Simply compare the APR rates. Just be sure you can afford the increased mortgage payments, and also think about the time to come when interest rates begin to rise again! Answer by : Mr_R_Swipe On Date 2012-02-05 12:44:02 Very unlikely your lender will give you a further advance on your mortgage - and unless you have considerable equity in the property nobody will give you a loan for home improvements. if they do, the repayment term is likely to be between five and seven years maximum. Answer by : Jo W On Date 2012-02-05 13:11:54 It depends on what you want. An unsecured loan would have a higher interest rate than a loan secured against your house, which in turn would have a higher interest rate than an increased mortgage. However, a loan is usually taken out for a shorter period of time, typically 5-10 years max. So you have to decide if you want a long term loan or a short to medium term loan. If your wanting to do it over 30 years then you are best looking for a remortgage probably and increasing your mortgage. Answer by : Tony On Date 2012-02-05 14:11:06 I think you should compare the APR of both and then should opt one which suits you best. Also consult your bank and see what they suggest. Answer by : John Werner On Date 2012-02-07 08:46:46   Go Back To Search Results