Loan to clear a mortgage
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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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