Secured loan help..

Eck

Hi guys i hope someone can advise me on this, i have a mortgage with A&L which only has 10 months to go :T , now i want to borrow approx £9k, so i gave them a call today and was told that they could offer me a secured loan for this amount at a SVR ( standard variable rate ) of 4.99%, i want to take the loan out for 4/5 years so it would cost me £207/£170 for whichever period i choose, this to me seems a good rate but the only thing that worries me is that its a SVR and not a fixed rate, there's also a £200 arrangement fee, but even with this it seems a good deal compared to many much higher personal loan deals on the market at present, can anyone advise me if this is an attractive offer or not.



Many thanks

Robert_Sterling_3

As you say we do not know what the SVR will be so how can say whether it is a good deal or not?

Eck

:rolleyes: why do you think i asked the question, i thought maybe someone with a little knowledge of this type of rate might just be able to point me in the right direction, but hey, never mind eh........

ILW

Eck wrote: »

:rolleyes: why do you think i asked the question, i thought maybe someone with a little knowledge of this type of rate might just be able to point me in the right direction, but hey, never mind eh........

I think your question was a bit like asking "what are the best lottery numbers to pick" knowing where future rates will go is guesswork.

Apples2

I bet my right nut it will go up!

Perhaps there is someone who took one out a while ago you can give you their experiences (and I can keep my right nut!)

Eck

ILW wrote: »

I think your question was a bit like asking "what are the best lottery numbers to pick" knowing where future rates will go is guesswork.

Hi, ok i appreciate all the replies, and i know its probably a kind of crystal ball type question, but even if the rates were to go up by say 3/4% this would still represent a decent loan rate, would it not?


thanks again

Robert_Sterling_3

If you say so. Far be it from me to contadict you.

Eck

Great input Robert.....:p