Natwest Unsecured loan consolidation- yes or no??

jonesMUFCforever

lotto-dreamer wrote: »

yes, Natwest loans :mad: ....worst mistake I ever made in my life.

I wanted to increase my mortgage but they insisted I rather take out a loan at 7.4%. An increase on my mortgage would have been much more affordable and there was plenty of equity in my house. In desperation I took out the loan. I have never regretted anything so much in my life. Definitely a case of trying to get more money out of me than what I could comfortably afford.

After sleepless night went back next morning and asked for them to take off the payment protection portion. I was met with icy stares. They did eventually redo offer without the pp.

May I suggest you look at other loans first. My biggest mistake was not shopping around. Unfortunately, I hadn't discovered this site.

So you think that paying 7.4% for say 5 years is not a better option than your mortgage rate for how long 10, 15 , 20 years?
Do the sums how much interest you will pay if you had put the loan on your mortgage?

lotto-dreamer

ejones999 wrote: »

So you think that paying 7.4% for say 5 years is not a better option than your mortgage rate for how long 10, 15 , 20 years?
Do the sums how much interest you will pay if you had put the loan on your mortgage?

I quite agree with you - I would have ended up paying more in the long term.

However, I was concerned with affordability. My current account (salary paid into it) was with Natwest and they were aware of my income and outgoings.

All I am saying is that they refused to give me what would have been affordable but pushed a loan onto me which stretched me to my limit -with payment protection it virtually swallowed up my entire salary - and yet they still insisted it was better for me that a top up on my mortgage.

I would also like to add when they saw me struggling a bit - I got offered a big overdraft - Natwest have made a lot more money out of me than they would have had they given me a top up on my mortgage as I wanted.

I have since discovered this site and am a lot wiser - but didn't realise at the time I should have just gone elsewhere for a remortgage.

Stupid, but true. Which is why this website is of enormous value to everyone. How I wish I had found all this information sooner.