Say you had a nice house, small morgage, but wanted to take a once in a lifetime trip that perhaps costs about 5k maybe less maybe 3k, would you consider remortgaging

[LardLizard]

Only strictly as a one off thing ?

I don't get that "once in a lifetime" thing.

It's a depressing view of the future.

How do you know it will be " once in a lifetime"? Don't you have ambition?

What is this trip out of interest?

I might, because I think holidays should be taken when the time seems right, not when you've managed to save for them - but I think my view is inflected beginning to see old age on the horizon, so I have started to think much more in terms of just doing it.
I'd probably look at other means first, though, like the 0% credit card that other people have suggested, and I'd definitely overpay till I'd got the mortgage back down again.
Also, I noticed when I opened a new bank account that just opening it triggered a downgrading on my credit rating. It was only temporary, but apparently opening a new account or applying for a new card automatically depresses it. Red flag, I suppose, if you're shuttling debt around.

Just get a loan! Interest rates are tiny right now and 5k is nothing.

I wouldn’t faff around with the mortgage for such a small amount. Either take a personal loan, spend on credit card or save.

For £3k????

No way!
Are you off your rocker?

Lets spelling this out; you are risking your home for a holiday.

The next twelve months are looking incredibly unpredictable for this country's economy. NO ONE knows how its going to pan out. Interest rates are already looking like they will increase and many many people in business and retail are saying there are going to be large price hikes.

An unsecured loan, yes if you must. But not your house.

Do look at your saving strategy regardless. You said you'd overpay your mortage if you remortaged to pay for the holiday. That says to me that you aren't saving but could. Perhaps consider an offset mortgage next time your mortgage fixed term ends.

Yes.
Life is too short.
If you’re confident you can pay it back then I’d go for it.

We used 0% credit card for this purpose. Wouldnt be messing about with the mortgage for this but if it really is the only way to do it i might consider it. Life is for living!

No!!

Just get a 0% loan instead.

Yes absolutely travel is amazing and life changing.

It really irritates me that people on mumsnet, have small mortgages, eat packed lunches, never go out, drive 10 miles to save a penny on petrol and see holidays as a luxury.

Do it do it do it!

There's usually some sort of fee to pay when you take a mortgage out - survey/arrangement fee/legal fees. Whereas loans don't normally have fees on top. Not to mention the hassle of providing bank statements, proof of income etc etc. Not worth it for a few thousand for a holiday IMO

No way I’d remortgage, but I’d definitely get a loan/0% credit card and book the trip!

Yes I’d borrow for a time-limited trip, but I’d look very hard for alternative low-cost borrowing before putting it on a mortgage. Fees on remortgaging for such a small amount would outweigh the benefit of a low-cost loan, even if you were able to overpay. If I were due to be remortgaging anyway for some other reason then yes I might increase the sum to enable me to take the holiday, although a 0% card would be the shrewdest financial option.

It's such a small amount in comparison to the price of a house that I wouldn't think it was worth it after fees, early repayment penalties and the prospect of being tied in while interest rates rise.

If you really need to borrow the money instead of saving, then I'd look into other ways to borrow first.

No way. No holiday would ever be worth remortgaging for.

I would use the trip as a carrot to pay off the mortgage even faster and go away mortgage free.

The world will still be there to see in a few years.

As a mortgage adviser, do not remortgage.

If you were going to overpay anyway to pay down the debt, do it 0%, as quickly as possible.

It's not financially sensible to do this.

As others have said look a unsecured lending ("loan or credit card)

Numpty please can I ask your advice

We have to remortgage now to get a better fixed rate

We borrowed from family to do an extension which has massively improved the house value and therefore our equity

Are we reasonable to increase our borrowing to pay back the extension costs? Would still have a great LTV. Monthly repayments wouldn’t change.

Or is there a more ‘acceptable’ reason to increase borrowing?

No way. If you can overpay after sqve up before.
Especially with brexit round the corner

It’s silly to say “the world will still be there in a few years time” as a blanket reason to always save up instead of going now. The world is still there, but people get older and even die, places change and some events are one-offs. I’m vaguely considering visiting the World Science Fiction Convention in Dublin next year with my teens. Dublin will still be there in 2020, but Worldcon will be in San Diego (or somewhere) and by the time it’s back in Europe again my DC won’t be teenagers.

If you have a small mortgage and can afford to repay extra, how come you don't have savings already to pay for the holiday? Sounds like you might not be as financially comfortable as you think?

You've probably already worked out that putting a holiday on the mortgage is nuts and likely to cost far more due to interest, but if your job is secure and you can easily afford to repay in the interest free period, an interest free credit card might be an OK idea, but I'd still be concerned that having no savings and wanting to borrow long term for a holiday means your finances aren't in great shape.

@YesThisIsMe - The rest of my quote was to do with the fact I firmly believe remortgaging for a holiday is unwise. Not that holidays in general should be put off.

If you're going quote me, I'd be grateful if you do it in context, thanks.

Jesus no that’s frigging mental

I agree that remortgaging is very unwise, but if the OP has specifically said that this trip is time critical then the continuing existence of the world is irrelevant.