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Re-mortgaging - is a loan better?
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SarahMcA
Posts: 28 Forumite
My fixed rate mortgage is due to end shortly. I am very fortunate to only owe about £10,000 and hope to pay this off in the next 2 years. Is a mortgage the best choice or should I take out a loan?
Thank you
Thank you
0
Comments
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I doubt you can get a loan at rates as low as even a SVT mortgage. Is there any out there still that offset savings? That might give you the best flexibility if it's possible.I’m a Forum Ambassador and I support the Forum Team on Debt Free Wannabe, Old Style Money Saving and Pensions 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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⭐️🏅😇0 -
What interest rate does your mortgage revert to at the end of the fixed term, and can you get a better rate on a loan?
But a banker, engaged at enormous expense,Had the whole of their cash in his care.
Lewis Carroll0 -
Wondering too if you have any credit cards with long dated 0% money transfer offers. That might suit.I’m a Forum Ambassador and I support the Forum Team on Debt Free Wannabe, Old Style Money Saving and Pensions 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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"Never retract, never explain, never apologise; get things done and let them howl.” Nellie McClung
⭐️🏅😇0 -
You will likely be best just asking your current mortgage company to carry on at their svr, or see if they have any other deals.
Valuation and arrangement fees with a different mortgage provider would likely be relatively expensive on such a small loan.
So yes a personal loan may be cheaper though, depends what your current provider offers.
Even a balance transfer credit card could come out cheaper.0
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