I am a homeowner with a small mortgage. I want something that I can pay back as quick as possible, without penalties for paying back too soon. I get letters every day offering me loans, but I don#t know which way to turn. Plus, these payment protection things, you don't HAVE to go for them, do you? The prices are ridiculous, there must be a better way. I'm self-employed.
2007-07-14 04:25:12 · 3 answers · asked by myfavouritelucy 7 in Business & Finance ➔ Personal Finance
Go and see your mortgage advisor and see what options they give you for borrowing against your house. That will be the cheaper way and should give you flexibility with paying it off. If you take out an unsecured loan, payments are usually fixed so you won't have the option to overpay. A decent mortgage advisor should be able to give you loads of options and suit to your budget. Of course, bear in mind that the debt is then secured against you home. If you are not in a tied in mortgae, then possibly look at remortgaging to a different company to get a reduced rate but check penalties for paying off early.
2007-07-14 06:17:56 · answer #1 · answered by nooka 4 · 0⤊ 0⤋
Most "offers" are targeted at people with bad or non-existent Credit rating .. the charges have to be high to compensate for the number of defaults.
Assuming you are confident of meeting the payments, it's almost certain that the best deal you can will get will be a re-mortgage (i.e. a loan secured on your property)
I suggest you start by looking at whatever deals your existing Mortgage Company is offering = if you don't like the look of them, check other Mortgage Companies BUT be aware that if you move your Mortgage you will have to pay Valuation & Legal fees.
2007-07-14 04:30:43 · answer #2 · answered by Steve B 7 · 0⤊ 0⤋
Hi.
This is a well recommended site for homeowner loans and finance :
http://bestukloans.co.nr
2007-07-14 04:31:06 · answer #3 · answered by micky b 2 · 0⤊ 0⤋