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Personal loan vs mortgage

Msrob · 2014-07-13 22:15:47

Hi myself and partner have a site with planning permission. We have the site dug (done so with old building reg) we have to have to roof level built by this time nxt year and only have a small bit of savings put by. We are renting also but are not in a major rush to move out so we're thinking of getting a personal loan to…

13-07-2014 10:15pm

#1

Msrob

Registered Users, Registered Users 2 Posts: 62 ✭✭

Join Date: February 2014

Posts: 46

Hi myself and partner have a site with planning permission. We have the site dug (done so with old building reg) we have to have to roof level built by this time nxt year and only have a small bit of savings put by. We are renting also but are not in a major rush to move out so we're thinking of getting a personal loan to get to roof level as we have a feeling we won't get a mortgage on such low savings. I am not working and may be going back to college in sept so we only have the one income. Do you think this is a good idea? Our plan wud be to get a 5 yr loan but when I get work after the course we could pay it off quicker and start to save to apply for a mortgage then. We just really don't want a huge mortgage (won't get one anyway) good idea or bad idea?

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