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Loan advice
olibolicustard
Posts: 2 Newbie
in Loans
Hoping to get a loan so I can pay off my mortgage quicker. Looking for the best provider please. Many Thx
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it is unlikely that a loan will have a lower rate than a mortgage. I would just overpay what you can without penalty whilst saving any extra into a savings account - once you have enough then pay it offI’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 -
Moved to loans board.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it 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.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0
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Yep, as above. Where are you going to get an unsecured loan at a better rate than your mortgage?
Overpayments are the way to go.0 -
I would just overpay what you can without penalty whilst saving any extra into a savings account - once you have enough then pay it off
That's exactly what I did, and I was a pensioner. I stopped spending on stuff I didn't need, the money mounted up in the bank, and when there was £500 I took it into the office and paid it over the counter.
The capitol kept coming down, I went into the office one day and asked how much it would cost to pay it off. I was told an amount, and that it would be valid for three weeks to give me time to think about it. I said I don't need to think about it, wrote a cheque and that was that. Mortgage gone. Fantastic feeling.
:j
ilonaI love skip diving.
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So you replace a mortgage with a loan - you know they're both still forms of debt, right?
You pay your way out of debt - you can't borrow your way out.0 -
olibolicustard wrote: »Hoping to get a loan so I can pay off my mortgage quicker. Looking for the best provider please. Many Thx
No one will be able to advise you of a lender though based on this information - but they have already given you the best advice.0 -
Jenesahill wrote: »You can find loan providers in UK. Apply for the case and it will get your work done.
Sorry what?0 -
foxy-stoat wrote: »Sorry what?
Spammer I would guess!0 -
Are we looking at - take out a loan to pay off the mortgage. Sell the house which no longer has a mortgage secured on it. Default on the loan. Because that is the only scenario where this makes even the remotest sense. No chance - well at least I hope not, because people who really need a loan will be the ones who pay for your default.0
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