Can I move my loan onto my mortgage?

Burlesque_Babe

Hi all - before I discovered this site, I took out a secured loan for £20,000 over 240 months. This was 3 months ago. I don't have a fantastic credit rating (a paid off CCJ which drops off my record in 2 years and a very old default showing as satisfied, but since then a blemish free record). I left a partner two years ago and now own a property on my own. All my 'bad ways' of not making payments/head in the sand etc etc are way behind me because I don't have to be scared of his reaction anymore.

Anyhow. I took out this secured loan and it was offered through Ocean at 10.9% APR. Not the best rate, I know, but I guess not the worst in the world.

However.........would it have been better for me to have approached my mortgage company to have had the money put on my mortgage rather than a separate loan? And, if so, would this still be an option? My mortage is £105,000 on a property with a current value of £200,000. If I could get the rate down in some way this would save me money, and, although when I took it out, I was just grateful to have been accepted, now i've found this site, it's started me wondering if there is a way I can now reduce the interest rate in some way? I'm not struggling to meet the repayments (although I am paying everything on a single salary), but this site has inspired me to maybe think about any other options to save money.

It might be a straight 'no' from you all, but I'm curious to know and I'm not really sure what options I have - if any at all really.

Thankyou in advance for any thoughts

YorkshireBoy

The loan to value (LTV) looks OK, but...

1. Is your salary high enough to comply with your mortgage provider's lending multiple criteria?

2. Do you have any early repayment penalties with the loan provider?

3. Do you have a current 'deal' with your mortgage provider, which might mean this further advance has to go on a different rate?

I would suggest...

1. Contact Ocean for a settlement figure, and then

2. Have a chat with your mortgage provider about the options available to you.

Just one other thing. If you're not struggling to meet the existing loan payments, why not overpay the new mortgage to the same level as your old loan payment and watch that mortgage balance come tumbling down!!