📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

£5000 loan

Options
Old_Git
Old_Git Posts: 4,751 Forumite
Part of the Furniture 1,000 Posts Mortgage-free Glee! Cashback Cashier
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"
«1

Comments

  • CLAPTON
    CLAPTON Posts: 41,865 Forumite
    10,000 Posts Combo Breaker
    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?
  • Old_Git
    Old_Git Posts: 4,751 Forumite
    Part of the Furniture 1,000 Posts Mortgage-free Glee! Cashback Cashier
    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 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    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 Forumite
    Part of the Furniture 1,000 Posts Mortgage-free Glee! Cashback Cashier
    edited 11 October 2014 at 9:59PM
    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 Forumite
    10,000 Posts Combo Breaker
    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?
  • Old_Git
    Old_Git Posts: 4,751 Forumite
    Part of the Furniture 1,000 Posts Mortgage-free Glee! Cashback Cashier
    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 Forumite
    Part of the Furniture 1,000 Posts Mortgage-free Glee! Cashback Cashier
    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"
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 351.1K Banking & Borrowing
  • 253.2K Reduce Debt & Boost Income
  • 453.7K Spending & Discounts
  • 244.1K Work, Benefits & Business
  • 599.2K Mortgages, Homes & Bills
  • 177K Life & Family
  • 257.5K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.
Update Your Picture