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To consolidate or not?
billdean
Posts: 2 Newbie
My wife took out a 20k mortgage on our house (which was mortgage free) to pay off a lot of credit card bills we had outstanding. We know pay for this mortgage £266 pm over 10 years, and for one other unsecured loan of 160 pm over 5 years, with an interest rate of +8%.
My question is regarding the mortgage. It's a tracker and has gone up twice since I've taken it out and there are better deals on MS. Should I consider lumping these two loans together and pay them off in one monthly package?
Thanks in advance.
Bill
My question is regarding the mortgage. It's a tracker and has gone up twice since I've taken it out and there are better deals on MS. Should I consider lumping these two loans together and pay them off in one monthly package?
Thanks in advance.
Bill
0
Comments
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I would be wary of changing an unsecured loan to a secured one. Its your home that is at risk as people do get evicted for debt secured on their homes.Find out who you are and do that on purpose (thanks to Owain Wyn Jones quoting Dolly Parton)0
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Unsecured is the best way to be.Debt free and plan on staying that way!!!!0
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