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 ?

Apart from going to a pay day lender, I think you've managed to come up with the most expensive way to find the holiday!
0% credit card?

Oh thanks for all the replies, read them all and agree with you, you are right, it would be nuts, only reason for not saving for it in advance is because I won’t have the time
We are in position to save though so your suggestion of using a o percent card is a really good idea
I’m going to see how much I can save the if I need some more I’m going to ask a family member, or consider using a card

Thanks everyone it was a daft idea !!

That's a sound reason to remortgage slithy, make sure you go to an independent broker who will find you the best product for you and a lender happy to remo for that reason.

Are you paying interest on the family loan? Do you feel beholden and want independence?

Don't think banks are keen to remortgage for such small amounts these days

DH was quoted a min of £25K for a remortgage

OP, how soon do you want to go away. I’ve just put a deposit down on a family holiday end of July next year. I paid 250 deposit but the balance (5k, package holiday) doesn’t need paying till next May. Luckily I can save that much between now and then but if you got a credit card I would not get one till you need to pay the balance and save save save now and put a smaller amount on the credit card when it’s time to pay the balance.

Of course you may want to go away in November this year so wouldn’t have time to do that, and you may have to pay full cost up front I don’t know what your choice of holiday is.

I would definitely do it (I have!) on an unsecured loan but if the mortgage way is cheaper do it! Life's for living have fun!! My two trips to the other side of the world with very little notice each time (no time to save up) have been two of the best things I have done

Looking at some of these comments you know you just add an extra 'account' onto the mortgage & choose the term don't you? You can do it over as long or as short a period as you want. You don't have to make it as long as the current mortgage. It's just that if you don't repay your house is at risk just like the rest of your mortgage but presumably with a better interest rate than an unsecured loan.

lizzy, when we did our we had to keep the same number of years on the additional borrowing account as therr was on our main mortgage account, otherwise we would have lost the (very good) rate and terms of our mortgage which is no longer available. We would have had to put it ALL on a worse rate. So yes you could chooose the number of years for your additional borrowing but it may impact on your main mortgage conditions.

Numpty thanks for response

We just want to return the favour as it were, was meant to be on sale of house but as we can afford it on remortgage thought it was the right thing to do. No interest or anything like that - we are lucky

No, if I could save the money I'd be paying back extra in interest each month, I'd wait till I could afford it by saving.

Oh just realised this was still going, well I started off with about 1.5k saved up
Last week I got an unexpected 500 quid
Which I’ve put into and saved more so already have over 2k so if I don’t go mad over Xmas should be good to save
Thanks for the advice though
This was more thinking out loud than anything but you’ve helped me channel my thoughts so cheers

Usually mortgages have costs involved that make short term borrowing expensive and then, in addition, you are paying it back over such a long period that the interest can be a lot in the end even if the rate itself isn't too high. We did have a flexible mortgage once and they were good - I could take the money out but repay it fast and - in that case - I would.

I certainly would try and take a trip of a lifetime as we are a long time gone.

Without a flexible mortgage to make it cheap, I would go for a short term personal loan.

Haha cross posted - well done! Best way is saving