moneymoney
Registered User
- Messages
- 13
I don't understand - if you were approved for a mortgage topup then why is that not an option (ideally with the topup repaid over a similar term to the alternative personal loan) over a presumably more expensive unsecured personal loan?loan is 25000 which i am ashamed to say is to cover debt consolidation. I did look into a top-up, was refused then was approved (by the same bank)
I don't understand what this has to do with your query.I will have a look at documents on the mortgage insurance this evening
Yes - but you can still work towards clearing the topup within this three years rather than paying it (and consequently for the stuff bought with the loans being consolidated) over three decades! Can you clarify if the lender is offering one three year fixed rate for the topup and will keep the bulk remainder of the loan on the othe fixed rate mentioned? To be honest I think you should probably get independent, professional advice (not from a tied agent such as your lender's counter staff). Maybe ask MABS for their opinion?sorry, I don't think Im making much sense here, the bank will offer the top-up over the term of the loan which has another 35 or so years to go, but they will fix the rate for the first 3 years.
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