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8k Loan or Martgage ~ Best Option Here?
Taff
Posts: 60 Forumite
Hi There
I need to borrow 8k for a divorce settlement and want to know the best way to borrow this money, would it be have a mortgage or a loan?
Currently have a 62k mortgage on an older good rate (0.58% above base rate) and dont want to remortgage the new amount of 70k as I will have to move onto a newer higher rate.
I would be looking to pay back between 5 to 12 years I think.
Your advice would be greatly appreciated and thank you in advance.
Many Thanks
I need to borrow 8k for a divorce settlement and want to know the best way to borrow this money, would it be have a mortgage or a loan?
Currently have a 62k mortgage on an older good rate (0.58% above base rate) and dont want to remortgage the new amount of 70k as I will have to move onto a newer higher rate.
I would be looking to pay back between 5 to 12 years I think.
Your advice would be greatly appreciated and thank you in advance.
Many Thanks
0
Comments
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Is the mortgage in joint names currently?0
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You may be able to keep your existing loan and take the additional borrowing as a sub account.
Have you spoken to your lender? If it is a joint mortgage you will need to arrange to have your partner removed from the mortgage.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Mortgage in my name only.
I have approached my current lender but this would be on a different terms to my current mortgage. Variable 4.69% above base rate ~ discounted for three years0 -
You already have a thread on the same subject
https://forums.moneysavingexpert.com/discussion/35235270
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