Though the differences between personal loans and mortgages may be clear to you now, it is still not always obvious. For instance, what do you do if you want to borrow money from your bank for renovation works? Do you have to take out a personal loan for works or a mortgage? It depends on the amount to be borrowed and the term of your loan: if you want to borrow more than EUR 75,000 and/or get a loan term longer than 5 years, you have to take out a mortgage. Don’t forget that mortgage rates are commonly more attractive than personal loan rates but, in this case, you have to pay additional costs like mortgage costs.