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Loan question
ivan_dunne
Posts: 25 Forumite
in Loans
Hello,
I've got a mortgage, the interest on this is 4.24%. Got another 9 years on it.
Just seen a loan (from another bank) where (its seems) I can get a loan for just under my mortgage balance, and the interest is 3.0% fixed for the loan life (7 years).
Would you take a deal like this, or would you just pay extra every month on your mortgage?
I've got a mortgage, the interest on this is 4.24%. Got another 9 years on it.
Just seen a loan (from another bank) where (its seems) I can get a loan for just under my mortgage balance, and the interest is 3.0% fixed for the loan life (7 years).
Would you take a deal like this, or would you just pay extra every month on your mortgage?
0
Comments
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Hi, just be aware that the 3% figure is a representative example and will only be available to the top 51% of borrowers. For everyone else (49%), that rate is subject to status.
I work within the voluntary sector, supporting vulnerable people to rebuild their lives.
I love my job
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If you can get it at 3% I would be tempted to go for it - providing there are no early redemption fees.
Have you actually tried to remortgage as there might be an even cheaper way to go if your credit is good.I’m a Senior Forum Ambassador and I support the Forum Team on the Pensions, Annuities & Retirement Planning, Loans
& Credit Cards boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com.
All views are my own and not the official line of MoneySavingExpert.0 -
Also check for early redemption charges.0
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