We'd like to remind Forumites to please avoid political debate on the Forum. This is to keep it a safe and useful space for MoneySaving discussions. Threads that are - or become - political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
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?
0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 348.6K Banking & Borrowing
- 252.2K Reduce Debt & Boost Income
- 452.5K Spending & Discounts
- 241.3K Work, Benefits & Business
- 617.8K Mortgages, Homes & Bills
- 175.8K Life & Family
- 254.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 15.1K Coronavirus Support Boards