Adding to mortgage for dental treatment

[Miloandfreddy]

After 4 babies my teeth have been left in pretty bad shape. Have had to have 3 extractions of back molars, not noticeable to others when I talk etc. but am paranoid if I laugh etc that someone might look in and see the gaps. Also just generally don't like having gaps there. I'm left with the option of partial dentures or implants which I would prefer but are pricey. Would it be madness to raise fund for this through additional borrowing on my mortgage? Plenty of equity on the house and could afford the repayments easily.

Yes you would as you add a hug amount of interest onto the mortgage by raising money this way. You would be better of getting a short term personal loan.

Surely a normal loan or interest free credit card would be better? How much have you been quoted for the dental work? I wouldn’t add to my mortgage for something like that, only for work to the house that will increase the value.

I do appreciate how expensive dental treatment is, we are having to pay for DD'S teeth extractions for her orthodontic treatment. I'm just so glad we don't have to pay for her braces or we'd probably need to take out a loan to.

3k per tooth, so 9k in total.. the mortgage works out much cheaper per month however I do realise that I would pay more interest this way.. don't think I could get a 0% card with a large enough limit

@Miloandfreddy 9k is a lot so I can see where you’re coming from! I’d look into what the repayments would be on a loan and see if you can afford them. If not then I don’t think you’d be totally mad to add to the mortgage - I guess ultimately it’s just taking some of your equity out because you need it! The main problem is the interest rates at the moment…

Can you save at least part of the money?

Think about it as if you're making extra repayments already.

Get a loan adding that to your mortgage with fees associated to do it would be a crazy thing to do

I would. I think mortgage interest rates are lower than for a personal loan.

A lot of dentists offer interest free plans, please look into that. YANBU as teeth are so important!

If I knew I could afford the repayments I would

Nobody, and I mean nobody, is that interested in you to try to peer into the back of your mouth to count your teeth in the split second you laugh.

A 0% credit card is a cheap way to borrow. We bought a car using one, cut up the card afterwards and worked out how much we'd need to pay to clear the card in 2 years.
If you have a stable income/ relationship/ job I would do this- adding to your mortgage should be a last resort.

lol that is also the sort of advice I need here!!

Lots of dentists offer interest free repayment plans so as a PP has said, deffo look into that before you pay lots in interest on your mortgage.
Also, although I know it's often nicer to just get it all done and over with in one go, you might be able to space out the treatments and therefore the costs?

Also you wouldn't need to do them all at the same time. Interest free credit card for the first one or two, pay it off and then do the third.
But as @NeverDropYourMooncup says I bet no one would even notice except you