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Increasing my mortgage
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Before i remortgage elsewhere. I've spoken to my bank.
My original deal was awful with them which comes to and end next month
Here is the new deal from them
They are going to swap the deal to 5 year fixed 2.34%
bringing my mortgage payment down by £80 - which is amazing!!!
And then to have a secured loan at 2.19% for the £10,000 - spread over the 34 years mortgage term
Meaning total payments will still work out £40 cheaper than the current deal!!
Is this overall a better deal than remortgaging elsewhere?
They have offered me a secured loan at0 -
Use the loan calculator Nina put up for you. No, it is not a good deal for you. The loan over 34 years will be horrendously expensive and unbelievably daft to do it for a car which you will still be paying for long after it has gone to the scrapheap. Even worse to risk your home for it.I’m a Forum Ambassador and I support the Forum Team on the Debt free Wannabe, Budgeting and Banking and Savings and Investment 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.
The 365 Day 1p Challenge 2025 #1 £667.95/£162.90
Save £12k in 2025 #1 £12000/£70000 -
It is a great deal for the bank though.I’m a Forum Ambassador and I support the Forum Team on the Debt free Wannabe, Budgeting and Banking and Savings and Investment 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.
The 365 Day 1p Challenge 2025 #1 £667.95/£162.90
Save £12k in 2025 #1 £12000/£70000 -
Is it better to take out a Secured loan instead of Remortgaging / increasing mortgage elsewhere?
thanks for all the help btw guys0 -
Don't increase your mortgage, just be patient and pay off the loan as you are. You agreed to the loan so I think you should see it through without incurring further cost and risk just because you are fed up of paying it0
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Mr_Sensation wrote: »Before i remortgage elsewhere. I've spoken to my bank.
My original deal was awful with them which comes to and end next month
Here is the new deal from them
They are going to swap the deal to 5 year fixed 2.34%
bringing my mortgage payment down by £80 - which is amazing!!!
And then to have a secured loan at 2.19% for the £10,000 - spread over the 34 years mortgage term
Meaning total payments will still work out £40 cheaper than the current deal!!
Is this overall a better deal than remortgaging elsewhere?
They have offered me a secured loan at
Why has the term gone from 28 years to 34 years?
thats the easy way to get payments down and make a deal look good
What rates are your other debts?0
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