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Personal Loan
kjordan99
Posts: 1 Newbie
Hi, I have a very small mortgage up for remortgage and I have savings that cover what’s owed. I want to keep my savings so I wondered if it is legal to take out a personal loan and pay the mortgage off. The personal loans I can get are at least a percent if not more cheaper than a fixed rate mortgage. I asked my bank and they said it’s not there policy which is fine can get a loan from somewhere else cheaper. Thankyou
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Comments
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So you might be getting 2/3% on your savings but could be paying 5/6% on your mortgage if out of a fix ?
If it's small and you can get a personal loan to clear it fine.
If not just overpay big style once on the SVR.0 -
Its not really a question for the mortgage side - they'll take whatever money they're given (subject to AML checks)
Its really on the personal loan side - your stated purpose for borrowing and whether they'll agree to lend for that.
Otherwise why not pay off with the savings and then put whatever else you'd spend the savings on as a personal loan..?0
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