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8K loan or add to mortgage?.
I am looking to borrow around £8000 would I be better getting a loan or add it on to my mortgage ? . It is quite low at £ 7000. My repayments are very low around £60 pcm. The property is valued at around £160000 so I cant see it a problem for the bank (Yorkshire).
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Comments
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How long do you want to repay?
A loan will be repaid at most over 5- 7 years but you would have a higher monthly payment than on a mortgage but over how many years would you be paying that?0 -
jonesMUFCforever wrote: »How long do you want to repay?
A loan will be repaid at most over 5- 7 years but you would have a higher monthly payment than on a mortgage but over how many years would you be paying that?
Hi the mortgage is set to finish in around 4 years but we would have to increase our repayments to accomodate the 8k I imagine.
I just want the least painful way to repay at a decent intrest rate.0 -
Is your mortgage rate fixed? ATM you will prob have a lower interest rate on your mortgage than you will be able to get a personal loan for but it might not (almost certainly won't) stay like that over the full term.0
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