Hi
I’m about six months into my first flat. I have a 5yr fixed mtg. The mortgage is only ~48k, bought flat for 95k (live in an affordable part of my city) and it needed work.
In hindsight I should’ve got a bigger mtg. I am too soon to remortgage and went officially part time (34.75h) so don’t want to yet. I earn 35-38k a year (shift dependent), NHS, secure job. Will rise in sept next year.
Anyway, I do have a large disposable income due to reduced outgoings now I don’t rent and have slowly been getting small jobs done on the flat and spent 2.5k on furniture and initial renovations before moving in.
Anyway, I now have about 2.5k of work left to finish off the kitchen (which was in dire straits when bought), 1k on decorating and need a new bathroom (but this is the least pressing issue it’s functional but no bath). The garden needs done but again not pressing. I’ve been saving but have had car expenses, and increased insurance so to save the full amount to get all that done would take me many years.
I am contemplating a small personal loan (5k) over an 18-24 month term to get the kitchen and decorating finished and whatever else can be covered. My savings would cover the bathroom or garden.
I did a large amount of decorating / Reno myself but this has unveiled a Rheumatoid Arthritis diagnosis in my early 20s and I am unable to do any more of the work myself without risking a serious flare.
If I took the 5k loan, on top of my savings by the end of the 18-24 months I would have only the bathroom or garden left and about 2.5 years left before remortgaging.
Has anyone any ideas or thoughts on this. I have no overdraft and no credit cards. Only debt student loan and mtg so I am nervous at the prospect but not sure the kitchen can wait 2 years.
I use local tradesmen and tradeswomen and have bought nearly everything second hand so far.
Any advice appreciated.
thanks