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Mortgage or Loan
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ponderer
Posts: 20 Forumite
Hi, I have just over 14k left on my mortgage and the payments are increasing that they are almost up to my current monthly over payment. I cannot afford anything more than I'm currently paying. So my question is would I be better getting a loan to pay off mortgage and have a fixed payment or take the risk of my mortgage going above my current limit?
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Comments
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Is a loan at a cheaper rate than a fixed rate mortgage would be?1
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Lots of variables. How long is your mortgage term? What's the rate?
Can you extend the term, how much is the loan rate?0 -
At £14k you will be unlikely get a new mortgage as they are often minimum of £25k.Personal loans often state they are not for property purchases.You have also mentioned overpayments - some numbers would be useful.1
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