If you can get £25k at an interest rate of 0.75%, it will help reduce your monthly payments, for sure. You can use the calculator at the top of this page, to calculate the reduction in your monthly payments.
Anyone progressing with this? We are planning a renovation of our property in the next few months. We have the funds available but I'm wondering whether it makes sense to take this loan at the max 25k and then just pay that back to our mortgage (taking into consideration the 10% overpayment limit). We are a couple of years into a 25 year mortgage at 1.94% (3 years left on the fix). Can't seem to figure out whether this is worthwhile and how much it could save us. Are there any good online calculators for this sort of thing? Thanks
Two excellent tools to use for comparison of mortgage deals. First use this one and see your best buys. moneysavingexpert.com/mortgages/best-buys/ Then ask any broker to best these if they can. Second tool is to compare your shortlisted deals, it compares only two deals, but mathematically most accurately. So use for final decision. moneysavingexpert.com/mortgages/compare-fixed-rate-mortgages/