Old alliance & Leicester mortgage/Loan

StinkBombzzz

Hi, I took out a mortgage with alliance & leceister back in 2007 when they were offering 100% + mortgages. I don’t have any issue with the mortgage as that is all paid off now but back then I took an additional unsecured loan out with the mortgage package. This was £16k to pay for the deposit on the house and a few other debts. I am still paying this off as it’s over 35 years (same term as the mortgage).
It doesn’t seem right that they can charge a loan over that duration as the interest is extortionate.
when I’ve rang up to see if I can re-finance the loan I’m told I can’t.
Has anyone had any dealings like this and know if 1) there is anyway if claiming back interest paid or 2) got out of the loan somehow?
thanks in advance 

MorningcoffeeIV

StinkBombzzz said:

It doesn’t seem right that they can charge a loan over that duration as the interest is extortionate.

Why is it not right? If you wanted to pay it off quicker, you always have that option.

You're free to refinance. You just need to get a loan from somewhere else on better terms to pay off the first one.

Devongardener

You agreed the terms when taking out the loans so you can’t complain now.  You certainly won’t get out of it, why should you?
Are there any early repayment penalties in the loan agreement?  If not you can apply for a loan elsewhere or even try to remortgage with the original lender and pay off the loan.   I would have thought that as you repaid the mortgage much earlier than the original 35 year term, and assuming that you have not defaulted on the loan, they might consider this.

Nasqueron

1) No, interest is part of the loan
2) Not at all if you don't want your credit record trashed

If you have no mortgage and just the loan, have you asked if you can repay early and perhaps get a loan elsewhere to do so, or use savings etc?