Financing the purchase of a lease extension

[Mrs Roberts]

What is the best and most cost effective way to finance the purchase of a lease extension? I will be spending around £15,000 to extend the lease and wondered if a secured loan was the cheapest method or would a mortgage be possible?

[Matt Churchill]

You're probably looking at either a personal loan or a further advance on your private mortgage.

It will be unlikely that you'll be able to get a mortgage on the lease, as I imagine it is a relatively short one. I would also think this will be the case for a secured loan.