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Clear secured credit union loan with savings

sp00k · 2019-04-01 14:28:38

I'm in the middle of applying for a mortgage with a few lenders, and the fact that I have a loan with the credit union is affecting how much I can borrow. My savings with the credit union exceed the balance remaining on the loan - can I just use my savings to clear the loan? Is there any negative consequences to this? The…

01-04-2019 3:28pm

#1

sp00k

Registered Users Posts: 111 ✭✭

Join Date: October 2018

Posts: 108

I'm in the middle of applying for a mortgage with a few lenders, and the fact that I have a loan with the credit union is affecting how much I can borrow.

My savings with the credit union exceed the balance remaining on the loan - can I just use my savings to clear the loan? Is there any negative consequences to this? The loan is secured.

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#2 01-04-2019 7:45pm

notharrypotter

Closed Accounts Posts: 1,112 ✭✭✭

Join Date: February 2013

Posts: 1101

sp00k wrote: »

My savings with the credit union exceed the balance remaining on the loan - can I just use my savings to clear the loan?

Yes.

Only consequences are a corresponding reduction in your savings.

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