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Help! Reducing loan payment
Hello all.
Apologies if this is in the wrong area. I have a loan from a well known bank. £25000 paying back £616 a month. This turns out to be a bit much every month so i'm looking to reduce my monthly payment. I have just been given half of a property my parents own (value: £130,000), i will own 50%, each of my parents will own 25% each. My question is: As unsecured loans are generally over 7 years, what i currently have, can i use the 50% of the house i now own to get a "homeowner loan" or mortgage and space the payments over 15 years? How easy will it be to reduce my monthly payment? Should i go back to my bank and tell them of my new situation and hope they can reduce it?
Any help would be greatly appreciated.
Marc
Apologies if this is in the wrong area. I have a loan from a well known bank. £25000 paying back £616 a month. This turns out to be a bit much every month so i'm looking to reduce my monthly payment. I have just been given half of a property my parents own (value: £130,000), i will own 50%, each of my parents will own 25% each. My question is: As unsecured loans are generally over 7 years, what i currently have, can i use the 50% of the house i now own to get a "homeowner loan" or mortgage and space the payments over 15 years? How easy will it be to reduce my monthly payment? Should i go back to my bank and tell them of my new situation and hope they can reduce it?
Any help would be greatly appreciated.
Marc
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