No mortgage but need a loan

noclue2012

Here are just the facts but would love some good advice. 1: no mortgage But £150000 equity. 2: 8k left on a 10k unsecured loan with sainsburys finance at 7.8% 3 years left on loan. 3: 4k on a credit card 22% APR. 4: £800 Monthly Disposable income after all outgoings.

Want to achieve a simple consolidated solution over 5 to 8 years so can enjoy life a little rather than paying it off ASAP. Doesn't have to be unsecured but would a mortgage be an option, or just extend existing loan, or is there a better solution.

Any advice gratefully received.

Thanks

Tixy

Really too low an amount for a mortgage. Usually have £15k minimum but the fees would likely not make it worthwhile/cost effective.

You probably won't get a cheaper loan than the one you already have so that leaves you credit card debt. Have you considered and tried applying for a 0% card to do a balance transfer to? If you did this you could presumably pay the card off well before the end of the 0% deal?

jonesMUFCforever

If you have £800 left over every month then the card will be paid off in 5 months or so.
Then could you start overpaying the loan?

I agree unless you take out a mortgage (and very few will touch you under £25k) you will not beat the rate you already have.

noclue2012

Thanks guys, sounds straight forward when you put it that way. Thanks for your advice, much appreciated.