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Personal Loan vs Mortgage Overpayment Loan Back
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Hi
I want to borrow 15,000 over 30 months which currently will cost me 2.8-2.9% circa £560. I have also been over paying my mortgage to bring it to an early conclusion and have a very healthy surplus (6 years to run so I am well into paying the capital). My mortgage is a Life-time tracker at 2.3% (unfortunately there was a ceiling, my bad luck). Would I be better of borrowing the money back from my mortgage surplus given that interest rises do not look likely in the short term, I have tried to do the maths but it is blowing my mind a bit as I am not sure the interest is calculated in the same way.
I want to borrow 15,000 over 30 months which currently will cost me 2.8-2.9% circa £560. I have also been over paying my mortgage to bring it to an early conclusion and have a very healthy surplus (6 years to run so I am well into paying the capital). My mortgage is a Life-time tracker at 2.3% (unfortunately there was a ceiling, my bad luck). Would I be better of borrowing the money back from my mortgage surplus given that interest rises do not look likely in the short term, I have tried to do the maths but it is blowing my mind a bit as I am not sure the interest is calculated in the same way.
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I have to make a decision on this shortly so if anyone has any suggestions it would be much appreciated....0
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I don’t know the answer, but if you haven’t already done so then I’d consider posting on the mortgages board as well.1
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