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.
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.