S
scoot
Guest
i owed about £18.000 on my mortgage through a well known building society over the next 18 yrs I would have had to pay about £55.000 thousand after interest over the said period.
having a half decent credit record I applied to a loan firm ,not one of the sharks,
for a loan for the same amount,
over a 5 year period,
which put an extra £140.00 pound a month on what i used to pay anyway for my mortgage ,
after 5 yrs I would have to pay £23.000 back after interest which was 8/percent, saving £30.000 pounds .
which I would have done over an 18 yr periods,
these building societys are ripping us off over a 20 yr period guys ,
why not do the above pay about £100.00 a month extra,
only one thing guys if you tell them its to pay a mortgage off its the old monopoly scenario,
they either are very reluctant and refuse,
or offer you one of their own, you are better telling them that its either a new car or whatever,
hope this helps as we all get used to a monthly payment going out a month but dont think about the interest paid after 25 yrs.
dug this up from a very old post i made about 8 months ago for any new members joining who are thinking of buying a new house,
or any of our forum members who can swap over to this loan,
IE, IN 4 YEARS TIME I WILL BE 44 YEARS OF AGE, AND OWN MY OWN HOME,
INSTEAD OF WITH A MORTGAGE FOR 25 YEARS WITH ONE OF THE BULDING SOCIETYS,
I WOULD HAVE ONLY PAID IT OFF AT 55 YRS OF AGE,
hope it helps anyone,
regards scoot
having a half decent credit record I applied to a loan firm ,not one of the sharks,
for a loan for the same amount,
over a 5 year period,
which put an extra £140.00 pound a month on what i used to pay anyway for my mortgage ,
after 5 yrs I would have to pay £23.000 back after interest which was 8/percent, saving £30.000 pounds .
which I would have done over an 18 yr periods,
these building societys are ripping us off over a 20 yr period guys ,
why not do the above pay about £100.00 a month extra,
only one thing guys if you tell them its to pay a mortgage off its the old monopoly scenario,
they either are very reluctant and refuse,
or offer you one of their own, you are better telling them that its either a new car or whatever,
hope this helps as we all get used to a monthly payment going out a month but dont think about the interest paid after 25 yrs.
dug this up from a very old post i made about 8 months ago for any new members joining who are thinking of buying a new house,
or any of our forum members who can swap over to this loan,
IE, IN 4 YEARS TIME I WILL BE 44 YEARS OF AGE, AND OWN MY OWN HOME,
INSTEAD OF WITH A MORTGAGE FOR 25 YEARS WITH ONE OF THE BULDING SOCIETYS,
I WOULD HAVE ONLY PAID IT OFF AT 55 YRS OF AGE,
hope it helps anyone,
regards scoot
