No.Is it not more important the size of the loan and the term rather than just the rate?
Yeah we are. Made sure of that.That sounds right - just make sure to check if you are permitted to overpay the CU loan.
At the time we switched, we were asked did we want a top up, as we had no plans to upgrade the house we said no. It probably would have been better to look for the 30k off the bank but I suppose I’ll be paying th cu loan a.s.a.p so I’m hoping I won’t lose out too much on the interest payments vs if we had of topped up the mortgage.Would you consider asking UB to lend you the 30k as a mortgage at 2.3%, then increase your monthly repayments on that part of the mortgage to align it with the term of the personal loan the CU offered?
So, pay less interest (2.3 instead of 9%) by increasing your mortgage payment for the 36/48/ whatever months the term of the CU loan is.
Really?
I have a 20k Car Loan over 5 years at roughly 7% and 400 a month repayment. My mortgage is 450k on 30 years at 2.5%, overpaying my mortgage is making more sense to me given that it is roughly 800 a month in interest. Over the lifetime of the loans there is significantly higher interest paid out on the mortgage.
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