Very Early Repayment

Legacy_user

Hi,

My mortgage is up for renewal in March. We’re desperate for new windows and have had a good quote.

I’m thinking of getting a loan making around 5 payments and paying off early by adding the amount to the mortgage. What interest would I pay for settling early?

I WILL get the best loan rate and the mortgage won’t be a problem ( I only say this as I know there will be people advising I may not get the advertised rates).

Thanks for any advice.

Ben8282

You certainly are very sure of yourself.
You will pay interest on the loan for the period that you have borrowed the money. You may also be charged an early repayment charge depending on the lender. You will have to check with the lender for further details.
Why don't you apply for a 0% card instead of a loan?
If you intend to add the loan to the mortgage you will not be able to repay the loan prior to getting the mortgage will you unless you already have the funds available which then raises the question of why you need the loan in the first place.

System

“ You certainly are very sure of yourself.” I’m not an arrogant f wit, I only say this as from previous posts here, people try to convince me I won’t get the advertised rates, but I always have got them. Thanks for the advice.

enthusiasticsaver

Check the terms and conditions of the loan for any early settlement fees.

Not sure what other advice you want as you already seem determined to do it a certain way.

BoGoF

Jonjoe2019 wrote: »

“ I’m not an arrogant f wit, .

You are doing a very good impression of one then.

System

And now I remember why I stopped using forums.

PixelPound

Most loans have an early payment charge, usually 1 or 2 months interest depending how much loan you are left. So in your case it will be 2 months, so that needs factoring in.

boo_star

Jonjoe2019 wrote: »

I’m not an arrogant f wit

You are, and for that reason I'm out.

foxy-stoat

Get your loan at the lowest rate and keep paying it off. No point in getting a low rate loan for 3 years only to swap it for a slightly lower rate loan for 10+ years.