How much would she save

Legacy_user

Hi people,

Just a quick question. My other half has an Egg loan that has 6 years exactly remaining on it at 7.1% and currenty stands at ~£4,500 outstanding.

Now how much would she save if she transfered from Egg to Moneyback bank at 5.5% (assuming she gets it)

Also moneyback bank have a maximum payment period of 60 months, as opposed to 72 remaining on Egg. So the payments would increase from £76pcm to £85 but thats no biggie. She likes the idea of paying it all off at least a year earlier too,

Any advice appreciated as I dont think she is getting the best deal.

Rafter

Very few customers get the 5.5%, particularly if you decline the payment protection insurance (which is very expensive)

It is difficult to make a direct comparison, because of the change in duration, but the interest payable to egg over 6 years will be about £958 or £160 a year on average. The interest on Moneyback bank will be £618 or £124 a year, so a rough saving of £35 per year.

You will pay a 1 month penalty for settling your moneyback bank loan early though - your egg one may be penalty free.

R.