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What is it best to do?

katharine_2
katharine_2 Posts: 1 Newbie
in Loans
We are looking at getting a secured laon to do some improvement work. We can get a good deal with our mortgage provider but a slightly better deal with First plus - is it safer to go with our mortage lender or does it not matter

Comments

  • mrcow
    mrcow Posts: 15,170 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker
    First Plus? :eek:

    For goodness sake! PLEASE post details here.

    I've not heard of anyone getting a decent deal from them. It may look rosey, but you could end up paying a fortune back to them. What "home improvements" are they?

    How much are you borrowing?
    Over what period?
    And what are the monthly repayments?
    "One day I realised that when you are lying in your grave, it's no good saying, "I was too shy, too frightened."
    Because by then you've blown your chances. That's it."
  • mrcow
    mrcow Posts: 15,170 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker
    By the way, don't just take my word for it. Do some searches on this site for people who are stuck in expensive finance with First Plus. Here's a couple of threads to get you started:

    Thread 1

    Thread 2
    "One day I realised that when you are lying in your grave, it's no good saying, "I was too shy, too frightened."
    Because by then you've blown your chances. That's it."
  • AMILLIONDOLLARS
    AMILLIONDOLLARS Posts: 2,299 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    First Plus:eek: :eek: :eek: :eek: :eek:

    It may look good on paper, but I'd stick with your Building Society if I were you!!!

    Have a look at these beauties!!

    http://forums.moneysavingexpert.com/showthread.html?t=235314&highlight=firstplus

    http://forums.moneysavingexpert.com/showthread.html?t=195450&highlight=firstplus
    Debt Free!!!
  • AMILLIONDOLLARS
    AMILLIONDOLLARS Posts: 2,299 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Must have crossed in the mail!!:D
    Debt Free!!!
  • mrcow
    mrcow Posts: 15,170 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker
    I know! And they are the same linked threads too.

    I like your way of thinking.....:rotfl::T
    "One day I realised that when you are lying in your grave, it's no good saying, "I was too shy, too frightened."
    Because by then you've blown your chances. That's it."
  • regularsaver1
    regularsaver1 Posts: 4,930 Forumite
    I'd visit your existing lender - first plus are known for their higher fees, interest rates and penalities!!!!!

    plus they have to get permission of your existing lender anyway and you'd have one monthly payment rather than two if you simply increase your existing mortgage
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