need a unsecured loan after a remortgage?

pritsim

Any help/advice appreciated..

I have curently going through a remortgage..as the holuse valuation came lower than i expected ..i am goin for a personal loan over 10 years to fund the extra shortfall...only reason iam doint shis as my cureent mortgage is on svr of 5.34% while the new re mortgage is boe +0.79,which is really good in the current market conditions..amkes me a saving od £325 a month


I have asked the bank and they said they happy with it as long as my montlhy payments are less than £250 onthe loan.I have outstanding mortgage of 245k,re mortgage offered of 225k..so 20k shortfall,which is being funded by 10k savings..and 10k loan..personal and not secured against property.

I have debts of 7000,which i want to pay off..i was thinkin of talkin a 7.5k personal loan on my wifes name in the next 2 to 3 months...over 7 years..who is also joint mortgage holder with me..our monthly pyments will come to about £260 -270 a month

Can anyone let me knwo will this be a problem?if i get the extra loan of 7.5k? after the re mortgage?again this is a personal loan not secured against a property? we personaly thinkwe can afford this but will the bank have any issues?

luckyfool

If the mortgage has already completed I cannot see the problem. Do not apply for it until the mortgage is done and dusted. I assume that the bank is aware of the £7k in debt you have already and the payments to that are already factored in to their affordability calculations. Moving that debt to a different Bank should not present any concerns to them.

pritsim

thanks...yes i have already stated this in my application..out of the 7.5k loan.. i will probaly pay 5k debt straight away..the rest is on 0% int promotional rate till next summer..so i was thinking of paying that of later..i.e next year..i presume this should not effect it anyway