Question : Is it possible to combine my personal loan with a mortgage?
I have a personal loan with the bank for £15,000. I want to get a property, but I know I won't be able to get a mortgage and pay the loan at the same time. I therefore wondered if it would be possible to incorporatre the loan into the mortage, so I basically add £15000 onto the mortgage. What do you think?
- asked by MJ
All Answers:
Answer #1
you can get a loan to run along side it but iguess if you could remortgage and pay off the loanask at the bank for best way to do it
- answered by louby loo
Answer #2
yes when i bought my first flat. i borrowed anextra 15000 on my mortgage to pay off loans.cheapest money i ever borrowed.speak to aindependant financial adviser and not one in anestate agent's. these guys are not what they saythey are. they are worse than second hand carsales men.good luck
- answered by disschord
Answer #3
MJ, candid answer - Bad idea.when u find a foolishbanker to loan u more than the property is worth,u'll find Mr Murphy (Murphy's Law) moving in withu.suggest u don't buy until u have a good downpayment, extra money for problems, paid offpersonal loans and knowledge of how home buying isa Curse/Hex for debtors.might a visit todaveramsey.com be in order. To learn what bankerscredit slave cards pray u never ever learn . Howto own ur money not be owned by it.
- answered by robert w
Answer #4
of course...you just ned to borrow a bit more,besides, the mortgage interest is tax deductable,whereas interest on a credit card and bank loan isnot..so go for it
- answered by zioncanyon
Answer #5
I would consult an IFA to suggest a possiblemortgage where you borrow so much with theproperty then borrow the extra to consolidate yourloan.I would suggest looking for a low priceproperty where you do not need to borrowa lot offthe mortgage provider in the first place thenremortgage or take a secured loan 6mths later toconsolidate your loan.
- answered by widdleywoo
Answer #6
You haven't said if you have the deposit for theproperty. If you have, and you plan to get themortgage from the same bank, they already know youare able to save. And they know from how youhandle the existing loan, how reliable you are, soyou should have no problem..Yes, you can combineinto one loan. Lower interest rate too, so youare better off overall.
- answered by bluebell
Answer #7
some mortgages will alow underpayments and paymentholidays, if the interest on the mortgage is lessthan on the loan skip the mortgage payment andclear the loan.
- answered by 5yellowchips
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