Combining loans

S

sunnysj

Guest
I am looking to switch mortgages and have a car and personal loan totally about 10k which I wish to combine in the hope of paying less per month on the total loans repayments. Can anyone advise on this. thanks.
 
Can anyone advise on this

If at all possible make sure to schedule the top up for repayment over a similar period to the original car/personal loans - e.g. a few years rather than spreading it over the whole remaining mortgage term otherwise you will effectively be paying for your car etc. over a few decades and could easily end up paying more interest in the long run even if the monthly repayments are less.
 
Hi sunni
Most of the lenders will do what you are looking for - provided all the other basic stuff is ok. IIB Bank for example do a reasonable deal for switcher mortgages (legals for €999). After you have switched they will refinance any debts, like car loans, at a rate of 3.1% and will match the term of the debt - i.e. if you have 32 months to go on your car loan, they will give you the money to clear the debt, over 32 months.
I am using IIB as an example, but most banks now offer similar type deals
Munsterdude
 
For €10k you may well be getting a top up from your existing lender rather than going to the expense of a remortgage - First Active, IIB, Bank of Scotland and Ulster (off the top of my head) will do them for little or no cost and over the remaining term of your unsecured loan. Check with your lender.....

Sarah

www.rea.ie
 
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