Ive been had over with a loan I think.

plug1

Just off the phone to Nemo, the total loan I took was £16875 and I took it in November 2009, If I pay it off now it will be£17068.89, Im not surprised its more than I borrowed but It doesnt seem to bad on thier part, there was a discharge fee (not sure how much) but this seems reaonable to me.

Now to call the mortgage people...

plug1

Right to borrow the cash to clear this and add 5 years to my mortgage to bring the payments down its an extra £126 a month, soId be jsut over 80 quid a month better off... is it worth the hassle??

CLAPTON

5 years extra from what?
126 extra from what?

JasX

plug1 wrote: »

Right to borrow the cash to clear this and add 5 years to my mortgage to bring the payments down its an extra £126 a month, soId be jsut over 80 quid a month better off... is it worth the hassle??

Have you worked out what the APR on the loan is and what the APR on the mortgate is and will be after exra borrowing?

How long is your mortgage for currently too?

Its not possible to compare £80 per month better off for an unknown number of months plus five extra years of whatever your current mortgage payment is without more information.

If you don't do your homework and understand what the overall value is you're risking just shuffling money around for short term gain whilst incurring horrendous hikes in long term costs

plug1

CLAPTON wrote: »

5 years extra from what?
126 extra from what?

5 years added to my mortgage, 126 pounds per month added to my mortgage payments.

plug1

JasX wrote: »

Have you worked out what the APR on the loan is and what the APR on the mortgate is and will be after exra borrowing?

How long is your mortgage for currently too?

Its not possible to compare £80 per month better off for an unknown number of months plus five extra years of whatever your current mortgage payment is without more information.

If you don't do your homework and understand what the overall value is you're risking just shuffling money around for short term gain whilst incurring horrendous hikes in long term costs

This is my problem, Im really looking for quick savings and I know Im not thinking ahead, really Im hoping my business starts taking alot more dough and I'll pay my mortgage off early.

ERICS_MUM

plug1 wrote: »

This is my problem, Im really looking for quick savings and I know Im not thinking ahead, really Im hoping my business starts taking alot more dough and I'll pay my mortgage off early.

You need to fully understand all fees, interest charges and interest rates APR applicable to both (1) closing down the Nemo loan and (2) increasing/extending your mortgage. Get this info in writing before you commit to anything.

Then you need to do some serious number crunching, get help if necessary. You need to be really careful, as you could end up paying a lot more for the loan, spread over a longer period.

Good luck. P.S. I would still pursue Nemo to see if they could help you with the fee charged by your broker.

Linda

CLAPTON

plug1 wrote: »

5 years added to my mortgage, 126 pounds per month added to my mortgage payments.

how long is your current mortgage
how much are you currently paying

plug1

ERICS_MUM wrote: »

You need to fully understand all fees, interest charges and interest rates APR applicable to both (1) closing down the Nemo loan and (2) increasing/extending your mortgage. Get this info in writing before you commit to anything.

Then you need to do some serious number crunching, get help if necessary. You need to be really careful, as you could end up paying a lot more for the loan, spread over a longer period.

Good luck. P.S. I would still pursue Nemo to see if they could help you with the fee charged by your broker.

Linda

Cheers Linda

plug1

CLAPTON wrote: »

how long is your current mortgage
how much are you currently paying

Mortgage is around 68 thousand with 16 yeras left on it, I pay 510 per month on it.