finance info please regarding loan/house buy
hi all, quick question please, would i be better paying half of a loan or putting the money towards our house deposit, we have a loan with two years to run and our starting to save a deposit, not sure if its best to leave the loan run or pay a lump of it. cheers for any advice.
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Re: finance info please regarding loan/house buy
Originally Posted by johnknight001
(Post 10148248)
hi all, quick question please, would i be better paying half of a loan or putting the money towards our house deposit, we have a loan with two years to run and our starting to save a deposit, not sure if its best to leave the loan run or pay a lump of it. cheers for any advice.
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Re: finance info please regarding loan/house buy
Yes, I would clear any other loans before applying for a mortgage..
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Re: finance info please regarding loan/house buy
Agree. Pay off the loan first. Then you will cut the interest and in the long run be able to save more.
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Re: finance info please regarding loan/house buy
thanks all, was curiouse because the bank said i was better of saving it and keeping the loan going, obviously for their gain interest wise, will settle loan then continue saving, thanks again.
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Re: finance info please regarding loan/house buy
Originally Posted by johnknight001
(Post 10148389)
thanks all, was curiouse because the bank said i was better of saving it and keeping the loan going, obviously for their gain interest wise, will settle loan then continue saving, thanks again.
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Re: finance info please regarding loan/house buy
Just been sorting out our home loan - we have a car loan which effected how much we could borrow for the house. Definitely pay off all loans and keep credit card limits low as this is also looked at.
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Re: finance info please regarding loan/house buy
Bear in mind any early redemption penalties that may be applicable on your loan. But if there are none then yes I agree with the others - get rid of debt before you worry about saving.
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