Anyone ever added on 5k when fixing new mortgage to help buy a new boiler?

[boganic]

We need to fix our mortgage next summer, and looks like our boiler is in its way out. Might be a silly question but would we be able to take another 5k out for us to get a new boiler fitted and do the kitchen up? Has anyone else ever done this.
Weve Paid 35k off our current mortgage, so would be borrowing 5k of that back technically!

Yes, of course. Provided you fit the lending criteria.

You can but you'll be paying for the boiler and the interest on it for the length of the mortgage. All depends if you need the money in the short term or not.

This. You’d be better to do a pay monthly scheme with Boxt (even with their interest) or use a 0% credit card and do a money transfer.

Is 5k going to get you a boiler and a kitchen? You may be better off getting a personal loan instead

We’ve remortgaged to release cash to pay off a big credit card bill in the past so yes… people do this to pay various expenses.

This is an expensive way to fund it compared to shorter term borrowing. You need to work out how much extra you'll pay overall and whether it's worth it, compared to shorter term borrowing which will give you higher payments initially but for a much shorter period.

Don’t do that. You’ll be paying interest on it for however many years left on the mortgage! Lots of boiler companies do interest free payments. Or get an interest free credit card. Don’t put it on the mortgage!!!

You can remortgage for any legal purpose. As PPs have said though, you'll be paying it off over the whole term of the loan. A 0% credit card would be much more sensible for 5k

So you’ve moved unsecured debt to secured debt on your home? Not a wise move.

Well this was years ago and the mortgage paid off now.

It seemed to made sense at the time as the mortgage rate was very low and the credit card rate very high, plus we could make overpayments on the mortgage once money was less tight.

Was really just responding to OP that yes, other people have done similar. Whether its advisable or is a different question and will depend on lots of factors.

I’m thinking of doing the same when I re fix next year. I’ve got a few jobs that need doing that I’ll never be able to save for.

Provided the mortgage can be afforded and potential future problems like losing a job or long term incapacity it may have risks but I think 'unwise' is pretty strong.

We did exactly this in the mid noughties when we remortgaged from Northern Rock to what eventually became Barclays. Rate was so much lower that the repayments were less in spite of adding £20k to the debt.