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Advice re paying off Interest only secured loan ??
Marple4848
Posts: 13 Forumite
Hi
We have a mortgage with NRock made up as follows;
90k interest only = 22 years left
90k repayment as above
10,400 secured interest only loan payable 2 years 4 months.
House worth 215K
Do I take out credit union loan now (10% apr ) and pay off interest only secured loan (10,400) over 7.5 years costing us an extra £86 net per month or do I run the secured interest only loan down to 2 years before re financing it and pay off the extra £86 per month off the repayment part of mortgage??
Logic, if there is one in paying off secured interest loan, is to give us a better LTV for when we want to remotrgage onto fixed deal....i retire from police in 9 years with 150k lump sum and £1400 net per month but intend to continue working as my twins will be 14/15 when i retire from police.
Any thoughts appreciated.
We have a mortgage with NRock made up as follows;
90k interest only = 22 years left
90k repayment as above
10,400 secured interest only loan payable 2 years 4 months.
House worth 215K
Do I take out credit union loan now (10% apr ) and pay off interest only secured loan (10,400) over 7.5 years costing us an extra £86 net per month or do I run the secured interest only loan down to 2 years before re financing it and pay off the extra £86 per month off the repayment part of mortgage??
Logic, if there is one in paying off secured interest loan, is to give us a better LTV for when we want to remotrgage onto fixed deal....i retire from police in 9 years with 150k lump sum and £1400 net per month but intend to continue working as my twins will be 14/15 when i retire from police.
Any thoughts appreciated.
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whats the mortgage/loan rate?0
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