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mandy | How should I pay off the rest of my mortgage? |
I have 3 years and 3 months left on my mortgage and the outstanding balance is £23,281.10 - I can't decide whether it would be cheaper to get a personal loan out and pay it off or whether to just stick with it. I might also look at changing lenders, although I don't know whether or not I am under the limit for most companies to be interested in taking over the load (?) Any advice would be greatly received! Also I would like to cut down the time left to pay back if possible. |
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sortaclarksville
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I doubt a personal loan would be cheaper as personal loans are generally at a higher interest rate. With only 3 years left, I would think that very little of your payment is going towards interest and most is going toward principal, so paying it off early isn't going to save you that much money. I say keep paying the mortgage as you have been. |
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Debs
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A personal loan would not be cheaper than a mortgage. Is it a variable rate loan, you could look at getting a fixed rate. You can cut down the time left to pay by simply increasing the monthly amount you pay you don't need to change banks to do this, just increase it. |
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Montgomery B
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Oh dear!
There are loan sharks looking for people like you!
Take out a loan to pay off the mortgage and you`ll find that the interest rate is even higher than the building society rate you are paying now.
Don`t go there!!
And don`t forget the penalities for swapping mortgages, there will be an advance of 3 months` mortgage penalty to pay to get rid of the existing mortgage, that may cost you hundreds if not thousands.
The best way is to pay as much per month as you can afford and it will soon reduce.
But whatever you do, don`t borrow money to pay it off, you`ll be charged for borrowing it, a couple of thousand at least, and the interest rate may be, or will be, much higher. |
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SAPPER
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You would simply be replacing one debt with another, A £35000 loan over say three years would no doubt a be at higher interest rate than that you are paying now. Changing lenders would probably cost you, I would say you should carry on as you are, three years will soon pass. |
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baz
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hello mate.
your outstanding balance is less than 25k so you could pick up a personal unsecured loan for this ammount.
but first you should contact your mortgage people and request a settlement figure.
considering the balance is loaded with interest you might save yourself a heap.
paying of the mortgage is the best thing anybody can do.
you will then own the entire freehold and of course all the equity.
just make sure you can pay back the loan.
good move you might be able to reduce the settlement figure by 10% save you a few thousand ,make sure your solicitor controls any settlement agreed.
freedom eh.................go 4 it. |
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stitched up
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I would be very careful about taking chances at this late stage, but i think now is the time that you can up your payments if you can afford it and get rid of your mortgage quicker because you don't lose all the payment in interest. |
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Bryan A
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Mandy, the key question in deciding this is what your current interest rate is on the mortgage. If the rate is low, you may be better off keeping the mortgage another 3 years or so. Typically, a personal loan (which is usually unsecured) will cost you more in terms of interest than the mortgage itself (which is a secured loan). If you can afford to make more than your usual payment, most mortgages will allow you to prepay principal on the loan without a penalty. So, for example, if you're paying 1000 pounds per month, you might consider increasing it to 1500 or 2000, and pay it off sooner without a lot of upfront money.
It looks like you're already VERY close to being free of that mortgage... just keep it up, love! Then you can start investing that money you would otherwise pay on your mortgage for what you want in the future. Good luck! |
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douglas l
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Hi, I would continue to make the mortgage payment as they are considerably lower than getting a loan, and to get a loan you for that amount you would have to use the house as calateral. With a little extra money each month, that you would have paid out on a loan, open an ISA with the intention of paying the mortgage either yearly or at the end of the 3 years and 3 months. By then, you will have paid the mortgage off quicker or as normal but built up a savings as well
Good luck - keep your hard earned cash |
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Hogfather
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First look carefully at the difference in interest rates between mortgage and personnel loan is it worth switching ? make sure you are comfortable with whats on offer a fixed rate is good in these days of interest rate rises .In the thatcher era mortgage repayments doubled (i still have the statements )Always try to overpay hard to do i know but well worth it .I am just in the process of getting rid of my mortgage only 700pounds and i will be a free man .Re payed my mortgage 3 times on different property's so i know a little .Remember every pound you borrow costs you a minimum of 2 too repay .And if you have a spare room consider letting it ti someone .good luck whatever you decide you will break free . |
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redwine
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pay it off as scheduled. You will likely be unable to get it refinanced in that it is such a small loan (lucky you!). Not sure why a personal loan makes sense, but I am not sure of the rate on your mortgage. If it is cheaper to do so, get a personal loan, but it impacts your loan capacity. |
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ekibitz
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Keep the mortgage loan you have and pay as much as you can each month. I think the costs to refinance and the tax advantage of the mortgage would make it not worth doing anything else.
What a great position to be in. |
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GG
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I am not that familiar with British tax laws, but don't you get a deduction for the interest on your loan? That is very advantageous in U.S. If you do, keep the loan and take the tax break. You only have a little to go, so I am not seeing the advantages of doing a personal loan. |
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