Borrowing money question

[Tree6543]

We are currently doing some renovations and need to borrow around £10,000 - £15,000 cash for the building and labour side of it (not products).

I had assumed loan, but have been looking at money transfer credit cards. We are due to remortgage next year and will consolidate whichever debt onto our mortgage anyway probably. The pro of a credit card would obviously be that it’s interest free, so we would save 9-12 months interest (that seems to be how long they are offered for).

However the main downside I can see is, normally you don’t know your credit limit until you have applied, is that right? So then I might apply, they might offer say £7000, then I’d have to change to a loan any way but my credit file would have an application on.

Am I right, or any ideas, or shall I just go loan from the off. The amount of debt is comfortable to us and been budgeted for carefully.

I’d expect a £7k credit limit is probably at the top end of what you can expect if you don’t have any current credit cards - I have some cards with very high limits but I’ve had them 25+ years.

Also, money transfers usually attract a % fee upfront so although you pay no interest after that if you pay on time, there is a cost that’s equivalent to interest (albeit often at lower rates than a personal loan).

@SlipperyLizard yes perfect, I assumed that was the case in terms of the amount we need outweighing any possible limits. I could split, but as you say when you account for fees etc the saving vs the ease of just applying for one loan means I might just stick to the loan