Hi guys,
I currently have a personal loan with BOI. Its an ongoing loan that I've topped up over the past couple of years as I've got new cars. It's a graduate rate of 6.9 % and costs €67.50 a week. I've 3 1/2 years left and owe about 11k on it. I've got my mortgage with Ulster Bank and was considering changing to them to have all my loans in the one bank, coming out of the one account. They have offered to match the rate over a new 5 year. Is it worth my while doing this as I was planning to pay off most if not all when SSIA comes through next March. If I went for UB the monthly payments would be less but obviously over a longer time scale. Would there be a penalty to pay it off early with SSIA? Or am I just giving myself more hassle in the long run?
I currently have a personal loan with BOI. Its an ongoing loan that I've topped up over the past couple of years as I've got new cars. It's a graduate rate of 6.9 % and costs €67.50 a week. I've 3 1/2 years left and owe about 11k on it. I've got my mortgage with Ulster Bank and was considering changing to them to have all my loans in the one bank, coming out of the one account. They have offered to match the rate over a new 5 year. Is it worth my while doing this as I was planning to pay off most if not all when SSIA comes through next March. If I went for UB the monthly payments would be less but obviously over a longer time scale. Would there be a penalty to pay it off early with SSIA? Or am I just giving myself more hassle in the long run?