Have an option to top up current mortgage by 150k to consolidate loans. Mortgage balance currently is 430k approx. Short term loans at 150k costing 1500 per mth. with 9 yrs left to clear them. Top up of 150k over remaining term of mortgage (21 yrs) will be approx 750 - 800 per mth.
Trying to decide on best way forward. Any insights welcome.
you should consolidate to get the cheaper interest rate but keep paying the 1500 pm if you can afford it. you'll pay more interest over the 21 yrs then the 9 .
and cut uo ur credit cards and dont take out any more short term debt . 150k short term debt is crazy
Thanks for the replies. The short term is for a home loan via the C/union for work to main residence. Reckon that while it will mean paying it off over 21 yrs rather than 9 but will free up some funds monthly. Take the point re paying more per month.