Best type of loan?

kdub_2

I'm 27, own a house that is fully paid off and worth around 90-110k I have a good job and one buy to let mortgage already. I want to get a loan of around 50-60k and pay it off like a mortgage over 20yrs if possible and wondering what the best type of loan is

chambta

It would be a mortgage.

jonesMUFCforever

chambta wrote: »

It would be a mortgage.

:beer::D:D:D:D:beer:

kdub_2

Oh lol silly me I thought once it was all paid off It would have to be a secured loan or something along those lines:rotfl:

jonesMUFCforever

kdub wrote: »

Oh lol silly me I thought once it was all paid off It would have to be a secured loan or something along those lines:rotfl:

:DWhat do you think a mortgage is:p:cool:

kdub_2

iv been looking around the internet and when trying to compare mortgages online, is it just a normal mortgage ill be applying for? iv came across so many terminologies, unencumbered home remortgage, equity release, secured homeowner loan. Not sure which i should be looking to apply for?

bigadaj

You just want a standard mortgage, over 20 years by the sound of it.

The amount you want to borrow sounds around 60% of the property price which should open up the best deals, so do your own research or use a mortgage broker if you choose.

You're mortgage will be relatively small so the rate offered will be less important than the fees, just ensure you check out all the costs with your chosen lender as lower rates can often mean £1000 plus application fees.

Pinkypants

kdub wrote: »

I'm 27, own a house that is fully paid off and worth around 90-110k I have a good job and one buy to let mortgage already. I want to get a loan of around 50-60k and pay it off like a mortgage over 20yrs if possible and wondering what the best type of loan is

So you want to get a mortgage (secured loan on a house) to pay off another mortgage?

Do you require additional funds?

If so remortgage then, but also speak to your current mortgage company, they may sort you out without paying extra fees.