Adding to the Mortgage

SpuddyMcFuddy

Hello,

We currently have a slowly dying car and are considering buying a new one around Christmas time.

However frankly we have insufficient funds, but could easily afford to add a few more pounds to out mortgage for a car. We where wondering if this is possible. We have about a 56000 mortgage and a house at about 105000; would, Nationwide, simply let us go in and say can we add 9000 to the mortgage and just let us as we are customers or would A. they let us anyway or B. go thru a large palarva and cost of adding monies to the mortgage.

Another concern is would they let us do it because my wife is no longer an earner as we had a child recently also.

Any help you can give me would be appreciated.

cheghead

Personally I wouldn't buy a car on the mortgage. You'll probably be paying for it long after it has gone to the scrap yard. And the interest doesn't bear thinking about. Imagine if interest rates suddenly shot up. Why not go for a fixed rate personnal loan. Check out https://www.moneysupermarket.com or try https://www.adtrader.co.uk for best deals?

SpuddyMcFuddy

Simple fact is, we could not afford 200 quid a month for a 10 years but 50 quid over 23 is less noticable. And gives us the chance to save at the same time and pay off a big chunk in 5 years when our fixed rate is up.

So is it okay to do this ? And possible ?

cheghead

SpuddyMcFuddy wrote:

Simple fact is, we could not afford 200 quid a month for a 10 years but 50 quid over 23 is less noticable. And gives us the chance to save at the same time and pay off a big chunk in 5 years when our fixed rate is up.

So is it okay to do this ? And possible ?

Guess the best people to ask is the Nationwide. Still think it's a bad idea. After all you always pay more interest on loans than you get on savings! How about a cheaper car. Skoda's are very good!!

cheghead

Just something else to bear in mind. what happens if you loose your job (does happen) you may have to live in the car (assuming you still got it) if you no longer can afford the mortgage! Just trying to point out the pitfalls I hope you understand? Check out other threads on here for more advice.

chloejane_2

weve had both cars for a couple of years now and been paying the loan, the credit cards have just been spent on for the things we need, our mortgage is only £250 a month so its not a great deal to pay out each month, the line of thinking for putting the rest of the loan in the mortgage was the mortgage is cheaper interest rate than the loan by quite a bit

chloejane_2

sorry pressed send before finishing the rest of the post, i agree with you in putting the money on the mortgage as we are in a simular position to you and are doing the same thing and in same position with me not really working as we have two children