How to afford a new roof?

[GotMooMilk]

We need a new roof. We have paid for it to be patched up but the tiles are slipping, beams are rotten, patches of damp coming through. We bought during covid so the surveyor didn’t get a good look but caveated it that the roof would need replacing eventually- we hoped we’d have a bit longer but here we are.

We have had 4 quotes- 3 between 13 and 14k and one at 8k. We don’t really want to use the cheap one (sadly) as he has no reviews online and seems very pushy which is a bit of a red flag.

Our options are:

Use our entire savings (measly 3k we have only just stopped paying off huge childcare fees) and get a loan for the rest

Get a loan for the full amount and pay back over 3 years (before we remortgage!)

Ask our parents for a loan and pay them back

what would you do? My parents could afford the money but I feel bad asking for money off them. It would cost around £1k less overall due to the interest rates though.

If you've stopped paying childcare fees, can you save for a few more months to decrease the loan amount you'd need? I.e. does the roof need doing NOW or realistically could it wait until summer?

If you need it doing urgently, I think asking your parents would be the best bet. You could offer to pay them a smaller amount of interest than the banks would give.

Have you considered whether a recent big storm has just damaged your roof and therefore an insurance claim on your buildings insurance is relevant...?

That happened in my old flat and the insurance paid about 1/3 of the cost of the full replacement which was a big lump off the cost.

However it was the freeholder who dealt with that, so I don't pretend to know exactly how the conversation or evidence went.

Parents first (it's what we are here for) then savings and top-up loan would be my advice.

Also, I'd have nothing to do with the £8K quote. That seems suspiciously way too low. We paid £9K back in 2003.

I'd try and get a 0% interest for 2 years credit card and put it on that. Then at the end of 2 years swap the balance to a new 0% interest one and pay that off.

That's what we've done in the past. I wouldn't borrow from my parents as I don't want to ask, and DM would continually remind us of how they lent us money.

I’d ask your parents if they have enough but let them know you can definitely take a loan out if the can’t or prefer not to. Alternatively could you add to your mortgage then overpay each month to pay off that extra asap.

I feel for you, I need a new roof too. Your quotes are actually better than I thought I’d get though (was budgeting £20k+) so 🤞.

@Hatty65 we looked into that but most tradesmen round here round here take cash or bank transfer.

Parents can afford it without noticing but I feel bad asking them for money like a teenager!

@Workawayxx i know I was pleasantly surprised actually!

Can you add the cost to your mortgage? That could be cheaper than a credit card or personal loan.

Loan

Could you try a money transfer on a credit card? You can get interest free ones with a one off percentage fee

Honestly OP if your parents are truly that well off and assuming you have a good relationship with them, I would ask them for a loan and offer fair terms for repayment and interest.

If they're decent parents / grandparents they won't want their grandchildren living in a damp leaky house. Don't take the piss with it ofc (I'm sure you wouldn't), set out the terms very clearly, get something signed etc, but in these circumstances I can't see why they wouldn't lend you the money, unless you have a bad relationship with them.