Settling with a Re-mortgage

In settling your agreement, a further advance on your mortgage often seems pretty appealing because of the lower monthly payments. However, there are some pitfalls worth bearing in mind before going down this route.

While the smaller additional mortgage payment can indeed seem attractive, the term of the further advance is tied into your outstanding mortgage. For example, if your mortgage payment only increased by £85 a month it may seem inexpensive when you're looking to settle a £10,000 finance agreement. But on the other hand, when you consider you may have 20 years left on your mortgage, £85 per month for 20 years totals up to a considerable amount more than £10,000!

Not only are you paying more than double the amount borrowed, but you are also paying out far longer than you're ever likely to own the vehicle.

Settling Your Agreement

Settling your agreement is a relatively straight forward process but you need to consider the way in which you are going to settle. Within this … MORE

Settling Using a Credit Card

Using your credit card can look like a simple way to settle your loan agreement. However you need to be careful of the variable interest … MORE

Settling with a Personal Loan

Using a loan from your bank or building society may be tempting but using your primary credit line could make it more difficult in the … MORE

Settling with Savings

Settling your agreement using your savings seems a great idea. However you need to consider the potential ‘hidden cost’ of using your savings as you … MORE

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