J
johnp06
Guest
Hi all,
Can someone please explain to me why it is a bad thing to take a top up loan (say at 3.1% on an average tracker) on your mortgage for a car or holiday or whatever. For arguments sake say u top up by 10k for a new car. Pay it back over five years at 3.1% instead of the usual 8/9% for a normal "car loan".
Is this a bad thing to be doing?
Can someone please explain to me why it is a bad thing to take a top up loan (say at 3.1% on an average tracker) on your mortgage for a car or holiday or whatever. For arguments sake say u top up by 10k for a new car. Pay it back over five years at 3.1% instead of the usual 8/9% for a normal "car loan".
Is this a bad thing to be doing?