what to do?

2makeit

I have 2 loans(7 years) for £15000 and £10000 plus a mortgage and nearly paid off credit cards.
Which would be better to do-
- apply for a l personel loan to cover the 2 loans?
-apply for a home improvment loan(can this only be done once in the mortgage life time?),
-add this amount to the mortgage?

would want one that i can pay off early with no penalties

chani1

i work for northern rock and can advise that they do unsecured loans up to £25k and up to 10 years@ 5.8% with no early re pymt charge or set up fees. Im not sure if theres any better deals out there but I have heard cahoot are very low at the moment, not sure about there fees though.

lynzpower

why do you need to do this? Whats the point??

rjm67

Definitely don't add them to your mortgage. That is likely to cost you a whole load more if can't pay off the full amounts quickly, plus you're likely to get lumped with setup fees too. From memor, I don't think home improvment loans are anything other than a personal loan (secured), so I'm not sure of the advantages of that.

Whether you should do anything depending upon you working out how much interest is on your current loans, whether you have early settlement fees on them, and whether you can get a low enough interest rate on another loan to justify the move. I would get settlement figures first to work it out. That said, if you've got credit cards that aren't paid off (and assuming they have interest on them) then pay them off first before you do anythng else. As Martin says, pay off the stuff with the highest interest rates first, then focus on the loans.

Good luck.