OK, not strictly on topic, but something that I'm sure more than a few people here have dealt with.
I'm planning some fairly major work on my house, and I'm trying to work out the best way to finance it. As I see it, I have two options.
1) Take out a loan/mortgage against the equity in the house. 2) Take out a personal loan.I'm lucky in that the equity I have is substantially more than the amount I'm planning on spending, and my current mortgage plus a possible second one would still come in less than the maximum I could get on a new mortgage. My bank has also offered a loan at a very good rate that would cover the amount I'm planning on spending. Now obviously a mortgage would offer a better rate, but the bank loan would be fixed (which I like).
Anyway, which option do most people prefer/makes better sense? Any big reason not to do it a particular way?