Take out a loan

[Soapboxwatch]

Parking issues where I live. Neighbours like to claim the spot outside their homes. I have received a quote from my mortgage lenders to borrow money to complete a driveway. Should cost around 5k total. IT would take me some years to save the money right now but the monthly repayments are affordable. Just wondered if I would be better off saving or Taking out a loan.

I would calculate the cost of interest to borrow the money, and then weigh up whether that cost was worth it for the time cost of moving up the work.

For example, I've had to take out £5500 from a credit card to buy a new car but the cost to do so is £110. Will pay back before the interest free period is up so that's the only cost.

The car we bought was an extremely good deal so if we waited until February to go looking, we probably would have spent more for the same car. So to us, the cost of borrowing is worth it.

If the cost to borrow is small, but the benefit you get from it outweighs this, then borrow.

Just make sure you work things out and compare different costs of lending. For example, money transfer credit cards, low interest loans etc.

If you want the driveway then only you can decide if you want to wait...
I think you have 2 bits of research to do-
1, Will the council let you have a lowered kerb. In some areas they can be refused as part of their green strategies or it can be very expensive to have done by the council. If they refuse then that solves the whole matter anyway.
2, Find the best financial option. We upped our mortgage to pay for a new kitchen as that was the cheapest finance over the period we wanted to pay.
Only when you understand the full picture can you make your choice.