Mortgage holiday for personal loan

Sarahjane

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Hi, I was thinking of getting a car loan for 10k(hoping to get boi 7.5% rate approval) and I was going to take a 6 month holiday on tracker mortgage loan repayments to pay it back quickly. My thinking is that my tracker mortgage is cheap but the personal loan is not and I could save money on interest by paying off personal loan quickly. My mortgage lender said it should be ok to take holiday(just need to start application process). I have only 20k left on mortgage and should have it paid back in 2 years. Im currently on mat leave so finances should improve in the new year when I go back to work. I'm not very savvy when it comes to finances but does this make any sense? Thanks.
 
My mortgage lender said it should be ok to take holiday(just need to start application process).
WOW! What mortgage holder is that?? I can't believe that any of the banks/BS's are reverting to what were crazy practices in the Boom years. This is tantamount to the "why not top up your mortgage to give yourself a holiday/car" process.
Also as your mortgage is not being extended your payments will increase following expiry of any moratorium period.
 
WOW! What mortgage holder is that?? I can't believe that any of the banks/BS's are reverting to what were crazy practices in the Boom years. This is tantamount to the "why not top up your mortgage to give yourself a holiday/car" process.
Also as your mortgage is not being extended your payments will increase following expiry of any moratorium period.

Ulster Bank still do it. Its part of their tracker product.
 
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