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which loan
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taniaheath
Posts: 1 Newbie
in Loans
Hi i am after some advice. My partner and I need to borrow £6000 for our wedding. we have looked at loans and can manage the repayments. We were wondering if we would be better off getting an unsecured loan or borrowing the extra on top of our morgage. Any advice would be a great help
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Comments
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Unsecured would be best, you will pay it over how many years you want , eg 5 then its paid off. a mortgage top up will be for the life of the mortgage usually.0
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Rather depends upon your credit ratings, incomes, other debts and how much you can afford to repay each month etc
Putting it on the mortgage will usually give a good (lower) APR but you may be charged setup fees... depends upon your mortgage ...have you asked? also does the mortgage allow overpayments so you can reduce the interest over time.
unsecured lending usually comes with a higher APR but no fees...
you could of course consider spending less on the wedding and/ or saving up for it0
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