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Mortgage or loan?
loganberry09
Posts: 1 Newbie
We are mortgage free, but need to stretch to borrow another £50K to purchase our next house. We are in our late fifties, is it more cost effective to take out a loan or a mortgage of £50K?
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Comments
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Mortgage = A loan to buy a house.
Nobody will loan you £50k to buy a house with. In any case mortgage rates are usually much lower than personal loan rates, as they are secured on the property.0 -
I'd imagine that if you've got a good LTV ratio then the interest rates on a mortgage should be more competitive than a loan (whether secured or unsecured).0
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You need to speak to a financial advisor - my sister is renting a property to a lady in full time employment with a high deposit for a house due to a divorce settlement and she cannot get a mortgage to buy a house as she is 55.0
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Any loan will depend on if you meet the lenders citeria, because of your age I'd go and get quotes for both options and see what you get offered.
If the lenders can see you are capable of paying back the loan then they will lend but only until your retirement age, so 10- 15 years.0
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