£5000 loan

im-lost

Old_Git wrote: »

and yet you havent given a proper response ,maybe you dont know the answer

It's a troll account, look at the posting dates, all in the last 2 months.

hcb42

I don't think you can pay a mortgage off with a credit card...the only way to do that would be a cash advance, which would no doubt be expensive..

Easier to inform the mortgage company particularly for such a small amount - as per earlier post.

Weird_Nev

Simply ask the lender for permission to let, they will likely add 1.5% or so to the interest rate but with such a low outstanding amount that is neither here nor there. Then continue to pay the mortgage as normal and clear it as you would have done.

Getting a loan or taking out credit card debt to clear a secured mortgage sounds like a really bad idea to me. You'll pay more in interest and expose yourself to more risk.

Almost every rented out house has a mortgage on it. It's no big deal.

(This assumes you are renting out the house and moving out of it, into a new home which you already own - it's not entirely clear)

Old_Git

just a quick update .I asked my mortgage lender about consent to let and they said no as I wanted to rent the house out .
I can move it to a BTL mortgage but the fees wouldnt be worth it.
So it looks like a personal loan is my best option

October_Starter

Who do you bank with? I got a loan easily for that amount from my bank. 9.9%apr and up to 5 years to pay it back. (I took mine for 3yrs) You can also pay it off as quicker in a lump sum and only pay 1 months interest. It might be worth having a chat with your bank to see what options they can give you.

October xx

stator

Yes there are plenty of flexible loans out there that let you overpay or pay it off early.

Old_Git

October_Starter wrote: »

Who do you bank with? I got a loan easily for that amount from my bank. 9.9%apr and up to 5 years to pay it back. (I took mine for 3yrs) You can also pay it off as quicker in a lump sum and only pay 1 months interest. It might be worth having a chat with your bank to see what options they can give you.

October xx

I have asked M&S for a loan of £7500 over 18 months at 3.9% .That will cost me £429.41 per month and a total of £229.38 interest over 18 months .
I could take it for longer but I want to be debt free and in 18 months I have an endowment maturing at that time.
I have no other debts so its manageable .I haven't signed anything yet but I haven't seen any better rates

October_Starter

I would still recommend talking to your bank. It sounds like you are in a good situation to be paying off a loan early which in the long run would reduce the overall APR.

Good Luck

October xx