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Unsecured personal versus extending mortgage
Pelham123_2
Posts: 1 Newbie
in Loans
Hi all,
I really need to replace my Car but need to raise about £8k to pay for it. I have a good credit rating and could get an unsecured personal loan at 8.9% over perhaps 4 years or put another £8k on my mortgage which is currently tracking at 0.68% and runs for another 13 years.
I'm reluctant to add to my mortgage but its current rate is very good and I might be able to repay quicker on the other hand the rates will surely rise considerably in the future.
Which is best any ideas?
John.
I really need to replace my Car but need to raise about £8k to pay for it. I have a good credit rating and could get an unsecured personal loan at 8.9% over perhaps 4 years or put another £8k on my mortgage which is currently tracking at 0.68% and runs for another 13 years.
I'm reluctant to add to my mortgage but its current rate is very good and I might be able to repay quicker on the other hand the rates will surely rise considerably in the future.
Which is best any ideas?
John.
0
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