Good with figures?

Muscle750

Basically NW have offered to top up my PL with £5k making the total owed £24k however i havent yet done anything yet today when i looked at the paperwork its saying a refinance making a total repay of £36:eek::eek::eek::eek:
I am paying 7% ish at moment and the balance is approx £19k so i was under the impression that the extra £5k was going to be at 11.4% yet if im reading these figures right they are trying to do 11.4% on the whole new amount
At the moment im paying 378 a month if i do the new one it goes to 432 im basically trying to reduce my out goings as i have cc etc

CHR15

Muscle750 wrote: »

if im reading these figures right they are trying to do 11.4% on the whole new amount

You are correct, They are trying to wipe out the old loan completely and put the loan amount in with the new one. Don't do it!!!

Muscle750

I will ring them in the morning and see, because as stated in a previous thread i went in a few weeks ago and the guy said he would credit it £5k straight away no probs telling me that it would be at 11.4% with no paperwork etc , I was under the impression the balance at the moment would remain at 7%ish and the 5 at 11.4%
I think she messed up but i may well be wrong and if it is correct i m totally dumbfounded
I should have realised when she wanted to put my wifes name on the loan as well and also tried to make me move our mortgage.
Will come back and let you know whats said tomorrow