Which one is better? Taking less Mortgage and taking a personal loan or....

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I have a silly question?

I have a mortgage approved for 360K , Term:35 years, Intr rate:4.4

Another choice is to take a personal loan for 40000 (20000+20000) and reducing the mortgage amount by 320K, Personal loan intr rate:9.0, Term 5 years

On the long term which would be better?

DublinWriter

Sorry to sound sarky ITguru, but I presume you could work this out for yourself using Excel.

When you are getting your mortgage you will have to disclose the personal loans, these will be offset against your borrowing capacity.

Also, bear in mind that interest rates look like they are only going to go one way in the next five years. While mortage rate usually go up by the prescribed ECB rate changes, all bets are off with personal loans, credit cards and the like.

Personally I think the best mortgage offer is the deposit account mortgage offered by FNBS. Two years into mine and I've shaved 3 months off the total term by keeping life-savings stored in my mortage current account.

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DublinWriter wrote:

Personally I think the best mortgage offer is the deposit account mortgage offered by FNBS. Two years into mine and I've shaved 3 months off the total term by keeping life-savings stored in my mortgage current account.

Seems Interesting!

Could you give the First National Building Society website? The url http://www.fnbs.ie is not working!

Any other lender offering this "current account mortgage" in Ireland?

Thanks

sofireland

He means First Active...

I had one of those, only thing that spoiled it for me, was poor banking services, but its a good idea.

NIB have one too. Where they take the value of all your savings and offset it against your mortgage (Provided its in an NIB acct)

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DublinWriter wrote:

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I think the best mortgage offer is the deposit account mortgage offered by FNBS. Two years into mine and I've shaved 3 months off the total term by keeping life-savings stored in my mortage current account.

How much money was in your account, that resulted in in getting a 3months off within 2 years?

benqmark

[FONT=&quot]I have a friend who got into some trouble paying his mortgage when his wife went on unpaid maternity leave. They got behind on their mortgage and ended up going into foreclosure on their house. They were able to scrape up the money they needed to pay it off, but they are still pretty strapped and 1 month behind on their mortgage. Can you get a mortgage after almost foreclosing on your home?[/FONT]

BuffyBot

Don't drag up almost two year old threads.

Thanks.