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£5000 loan

Old_Git
Old_Git Posts: 4,751
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in Loans
I need a £5,000 loan to clear a mortgage .I need it by January 2015 .I can make payments of around £700 per month .
What is the best way to do this .
1 a bank loan or
2 credit card .
Can I use a 0 % credit card to clear a mortgage debt .
At present I owe £40 on a credit card no other debts .My present credit card has a £2100 limit if that makes any difference .

If I get a bank loan can I overpay or are there penalties .
"Do not regret growing older, it's a privilege denied to many"
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  • CLAPTON
    CLAPTON Posts: 41,865
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    Old_Git wrote: »
    I need a £5,000 loan to clear a mortgage .I need it by January 2015 .I can make payments of around £700 per month .
    What is the best way to do this .
    1 a bank loan or
    2 credit card .
    Can I use a 0 % credit card to clear a mortgage debt .
    At present I owe £40 on a credit card no other debts .My present credit card has a £2100 limit if that makes any difference .

    If I get a bank loan can I overpay or are there penalties .







    why do you need/want a loan to pay a mortgage as usually mortgage interest rates are lower than for loans?
    EU tariff on agricultual product 12.2%
    some dairy products 42.1% cloths 11.4%
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  • Old_Git
    Old_Git Posts: 4,751
    Part of the Furniture 1,000 Posts Mortgage-free Glee! Cashback Cashier
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    CLAPTON wrote: »
    why do you need/want a loan to pay a mortgage as usually mortgage interest rates are lower than for loans?
    moving house but not selling house .The house will be a rented .
    "Do not regret growing older, it's a privilege denied to many"
  • jonesMUFCforever
    jonesMUFCforever Posts: 28,898
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    You don't need to clear the mortgage if you are moving - just ask the lender permission to let.
    Only if they refuse do you need to pay it off.
  • Babbawah
    Babbawah Posts: 685 Forumite
    You've been thanked 2,778 times in 3,157 posts on this forum & yet you need to ask such a question !

    Stinks.
  • Old_Git
    Old_Git Posts: 4,751
    Part of the Furniture 1,000 Posts Mortgage-free Glee! Cashback Cashier
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    edited 11 October 2014 at 8:59PM
    Babbawah wrote: »
    You've been thanked 2,778 times in 3,157 posts on this forum & yet you need to ask such a question !

    Stinks.

    yes because I have NEVER had a loan other than a mortgage ,your post has not been helpful
    "Do not regret growing older, it's a privilege denied to many"
  • CLAPTON
    CLAPTON Posts: 41,865
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    Old_Git wrote: »
    moving house but not selling house .The house will be a rented .



    do you need a new mortgage for the house you are moving to?
    EU tariff on agricultual product 12.2%
    some dairy products 42.1% cloths 11.4%
    EU Clinical Trials Directive stops medical advances
  • Old_Git
    Old_Git Posts: 4,751
    Part of the Furniture 1,000 Posts Mortgage-free Glee! Cashback Cashier
    Forumite
    CLAPTON wrote: »
    do you need a new mortgage for the house you are moving to?

    no I own it outright
    "Do not regret growing older, it's a privilege denied to many"
  • Coopdivi
    Coopdivi Posts: 3,412 Forumite
    Babbawah wrote: »
    You've been thanked 2,778 times in 3,157 posts on this forum & yet you need to ask such a question !

    Stinks.

    You've been thanked 43 times in 8 and a half years.

    Sounds about right.
  • Babbawah
    Babbawah Posts: 685 Forumite
    Coopdivi wrote: »
    You've been thanked 43 times in 8 and a half years.

    Sounds about right.

    Yet I don't feel the need to ask such a basic question, one which must be classed as on the very 'bottom rung' of the financial knowledge ladder.
  • Old_Git
    Old_Git Posts: 4,751
    Part of the Furniture 1,000 Posts Mortgage-free Glee! Cashback Cashier
    Forumite
    Babbawah wrote: »
    Yet I don't feel the need to ask such a basic question, one which must be classed as on the very 'bottom rung' of the financial knowledge ladder.

    and yet you havent given a proper response ,maybe you dont know the answer
    "Do not regret growing older, it's a privilege denied to many"
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