We currently have a mortgage of 210K on a house worth approx 450K. Thinking of putting in atic conversion for approx 23K. SSIA will yield 12k so we'd be borrowing 11K or so.
Does it make sense to top up mortage and pay this over the term of the mortage (25yrs) or does it make sense to borrow separately and pay back quicker? We've an option with our exisiting mortgage provider to pay back over 5 -10yrs if required.
My partner thinks paying over the lifetime of the mortage makes better sense but Im thinking of the extra interest we'd be paying by doing this. Any advice appreciated!
Does it make sense to top up mortage and pay this over the term of the mortage (25yrs) or does it make sense to borrow separately and pay back quicker? We've an option with our exisiting mortgage provider to pay back over 5 -10yrs if required.
My partner thinks paying over the lifetime of the mortage makes better sense but Im thinking of the extra interest we'd be paying by doing this. Any advice appreciated!