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increase mortgage instead of loan??
wavey-davey_2
Posts: 5 Forumite
in Loans
Hi,
I am looking for a loan for a new car. I have a tracker mortgage which has £30,000 extra funds available if I decide to take it.
Now I realise using a mortgage for a car is not normally a good idea due to the length of the term, however with the interest rate so low I was doing some thinking.
Is it possible to take the extra money on my mortgage, but increase the payments so that the amount extra I take from the available fund is paid off within say 4 years? And if that is done, is it actually worth it?
thanks
I am looking for a loan for a new car. I have a tracker mortgage which has £30,000 extra funds available if I decide to take it.
Now I realise using a mortgage for a car is not normally a good idea due to the length of the term, however with the interest rate so low I was doing some thinking.
Is it possible to take the extra money on my mortgage, but increase the payments so that the amount extra I take from the available fund is paid off within say 4 years? And if that is done, is it actually worth it?
thanks
0
Comments
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I've no idea - it depends on the T&Cs of your specific mortgage. You need to direct your question to your mortgage lender.0
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