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finance info please regarding loan/house buy

finance info please regarding loan/house buy

Old Jul 1st 2012, 6:34 am
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Default 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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Old Jul 1st 2012, 6:45 am
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Default Re: finance info please regarding loan/house buy

Originally Posted by johnknight001 View Post
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.
Hard to comment without knowing the amount, but in general you are paying on average 12% interest if it is a personal loan and you would expect to earn 6% if you were to start saving. If it is not a big amount it makes sense to pay it off. Any loans you have are also considered when you make an application for a house loan.
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Old Jul 1st 2012, 7:50 am
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Default Re: finance info please regarding loan/house buy

Yes, I would clear any other loans before applying for a mortgage..
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Old Jul 1st 2012, 7:58 am
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Default 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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Old Jul 1st 2012, 9:06 am
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Default 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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Old Jul 1st 2012, 10:18 am
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Default Re: finance info please regarding loan/house buy

Originally Posted by johnknight001 View Post
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.
Well they would say that...
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Old Jul 1st 2012, 1:41 pm
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Default 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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Old Jul 1st 2012, 11:24 pm
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Default 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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