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Loan to clear a mortgage
Hi. I've a BTL mortgage, where the fixed rate has just ended and I will move onto 4.34% above base. On 230k my repayments will shoot up from £370 to £1500. I am starting to clear down the capital and should be able to reduce my loan to 20k. I still don't want to be repaying this against my current product (4.34+base). Are there any personal bank loans that will offer a much lower interest rate and allow overpayments without penalties? I don't want to fix again on a BTL, incurring arrangement fees and ERC. Thanks, Jerry
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Comments
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You'll struggle to find a loan for the purpose of paying off a mortgage.
All loans allow overpayments but all will have up to a two month ERC.0 -
Do you mean £200K rather than £20K..?jerrypf said:Hi. I've a BTL mortgage, where the fixed rate has just ended and I will move onto 4.34% above base. On 230k my repayments will shoot up from £370 to £1500. I am starting to clear down the capital and should be able to reduce my loan to 20k. I still don't want to be repaying this against my current product (4.34+base). Are there any personal bank loans that will offer a much lower interest rate and allow overpayments without penalties? I don't want to fix again on a BTL, incurring arrangement fees and ERC. Thanks, Jerry0 -
It is highly unlikely that a personal loan will be given on a lower rate than a secured mortgage even a BTL.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.
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You need to remortgage to a “better” BTL mortgage.0
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Unsecured borrowing tends to be at a higher rate than mortgages are, so I think you’ll struggle to find anything better than you have.
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