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wanting to borrow for a car
Hi Everyone
I would like to borrow around £10.000-£12,000 ,as I have £14,000 outstanding on an interest only mortgage ,my thought is to borrow more on my mortgage & then overpay to the max each year(2,500 I think ????)in which case I should have reapaid the extra borrowing in 4 years ish,then continue doing the same to clear the mortgage(which has 11 years left)alternatively I could borrow in the same way & stuff the over payments into ISA s or something.
Is any of this feasible??
I welcome any comments or advice,are there any pitfalls?? will I need a survey to borrow money on my existing mortgage?
I would like to borrow around £10.000-£12,000 ,as I have £14,000 outstanding on an interest only mortgage ,my thought is to borrow more on my mortgage & then overpay to the max each year(2,500 I think ????)in which case I should have reapaid the extra borrowing in 4 years ish,then continue doing the same to clear the mortgage(which has 11 years left)alternatively I could borrow in the same way & stuff the over payments into ISA s or something.
Is any of this feasible??
I welcome any comments or advice,are there any pitfalls?? will I need a survey to borrow money on my existing mortgage?
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