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Why would you want to get a loan and pay interest on it when you have the money?
And surely the APR of a loan will be more than what your mortgage is?
What pro's do you see in getting a loan?0 -
Are you just dreaming. I think so................................I have put my clock back....... Kcolc ym0
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Please share with us where you can get a loan with such a low interest rate, that you can beat with the return on your savings? So this loan will be at a rate of what 2%, where can I get one? WAKE UP!0
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First Posting guys! Be nice!
A lot of people have a tough time giving up their savings and would rather take out a loan - even though financially it is unlikely to be in their best interests.
Anyway......
TAFDREW,
Whether this is the right decision depends on a number of factors.....
What are the exit costs from the mortage, what rate are you paying, what return are you currently getting on your Capital? Is there any exit costs from using capital (for example selling shares and paying capital gains tax)
Why would you prefer an unsecured personal loan to your mortgage?
Because of the effect of taxation on savings, but not on borrowing, it is often hard to justify holding onto savings and borrowings at the same time. It used to be very different when mortgage interest tax relief was around.
Perhaps if you get back to us with some numbers we can offer some more specific advice.
R.Smile
, it makes people wonder what you have been up to.0
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