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Loan onto a Mortgage?
Mikey40
Posts: 15 Forumite
My partner and I are in the process of beginning to look for our first place together, we are in line to receive around £20,000 in inheritance money and are hoping to use this as a deposit when it comes to buying our first home. We are both of the mind that we are looking for something small and relatively cheap, and as such are looking at a max of about 130,000. One of things I'm unsure of at the moment is what to do with my current personal loan I have which amounts to about £13,000. I have about 3 years left to pay on this and have no problem paying it each month, but with the prospect of also paying a mortgage (I can do both too), I am contemplating sticking it onto the mortgage and paying more for the mortgage each month than my partner? Is this a sensible idea or is it just worth paying each separately until the personal loan is paid off. If anyone can offer any tips or advice I would be most grateful, it will give me some pointers on what to do next.
Cheers
Cheers
0
Comments
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if you can afford to pay both i of i would do that as if you put it on the mortgage the mortgage payments you will be paying much more in interest for a longer period, if you havent got a mortgage already how about making overpayments now to get the loan down so its over a shorter periodnow proud mum to 3 handsome boys :j latest one born 10/10/11:j0
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