Hi there folks,
I have a current account mortgage with a "facility" type feature that I can use some money from and I was thinking to use this towards paying for my car.
Rather than borrow money from the credit union at 10%, I can effectively borrow at the mortgage rate.
It seems a no brainer, what am I missing?????
I plan to repay the money to the bank, I will come up with some way of doing this, maybe every 2 months or so.
The bank say I need a life policy to cover the additional amount, which I have. I need to assign this to the lender, no problem, sign a bit of paper.
I am not in "negative equity" as such, in that I should be able to sell the house for in excess of the new total borrowed amount.
I know this went on a lot during the "boom" and people were releasing equity, I am doing the same thing I suppose but the total loan will be still less that the "value" of the house.
Am I missing anything?
I have a current account mortgage with a "facility" type feature that I can use some money from and I was thinking to use this towards paying for my car.
Rather than borrow money from the credit union at 10%, I can effectively borrow at the mortgage rate.
It seems a no brainer, what am I missing?????
I plan to repay the money to the bank, I will come up with some way of doing this, maybe every 2 months or so.
The bank say I need a life policy to cover the additional amount, which I have. I need to assign this to the lender, no problem, sign a bit of paper.
I am not in "negative equity" as such, in that I should be able to sell the house for in excess of the new total borrowed amount.
I know this went on a lot during the "boom" and people were releasing equity, I am doing the same thing I suppose but the total loan will be still less that the "value" of the house.
Am I missing anything?