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Nram unsecured loan
Hi
Has anyone delinked their nram loan (going on to a ridiculous rate 12.48%) and successfully found a new loan to swap it to? We will have around 20000 outstanding and would like to find a loan over 60-84 months in stead of the outstanding 15 years.
My concern is that's a large some and as we will already have the nram unsecured will companies be willing to consider us?
Or would it be more favourable to apply for a loan for that sum prior to selling our house and overpay the nram loan?
I hope this makes sense.
Thanks
Has anyone delinked their nram loan (going on to a ridiculous rate 12.48%) and successfully found a new loan to swap it to? We will have around 20000 outstanding and would like to find a loan over 60-84 months in stead of the outstanding 15 years.
My concern is that's a large some and as we will already have the nram unsecured will companies be willing to consider us?
Or would it be more favourable to apply for a loan for that sum prior to selling our house and overpay the nram loan?
I hope this makes sense.
Thanks
0
Comments
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If you are planning changes to your current mortgage, selling current home to purchase another one then I would not be taking any new credit out, even to consolidate a current debt for a cheaper option.
It would be far better for you to clear the loan on the sale of your property and start to build up your savings, if you have enough equity to buy the next property.0 -
I used the equity on my house to remortgage and absorb the loan into the mortgage.0
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