I need advice please 🤔

Martin.kent85

Hi all... Basically I have just managed to get enough eqity in my house to finally switch mortgage from NRAM (Northan Rock) since I initially purchased my house... I got a 100% mortgage which was split into a secure and a non secure loan... When I switch over my secure loan I will be left with the unsecured (essentially a personal loan) with NRAM of £2700 which they are kindly bumping up from 4.78% interest to 12.78. My question as Is what is the best course of action to take?do I get a small personal loan which has high interest rates as its so low?... Or will it be better to get a credit card to pay off this loan if that is even possible? (I am unfamiliar with credit cards so im not sure how this works?) advice please?....

Ben8282

For £2700 would try for a 0% money transfer card OR a 0% purchases card if you can spend enough on the card to save the £2700 to pay off the loan quickly.

jonesMUFCforever

I agree with Ben - you won't get a fantastic rate for £2700 for a personal loan.

Superscrooge

How long will it take you to pay back the £2700 loan?

If you can't pay it back before any 0% credit card deal expires, converting it to a credit card debt might not be the best idea

Martin.kent85

Im not sure but it certainly wouldn't be within 2 years which is what moat long ter 0% credit cards offer, however after paying back x amount during the 0% term, could I then just apply for and transfer to another 0% deal?

[Deleted User]

If you can get one, yes.