Quote:
Originally Posted by T5R92011
I suppose the real question is why the heck would anyone want to add 10k onto a 38 year mortgage...
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Some years ago my bank started doing 'one account' where they lumped all of your money together so any savings or positive balances were offset against the mortgage to lower the interest costs, the only issue was that my mortgage wasn't big enough to qualify. In order to get the 'one account' I had to borrow another £7500 which had to be for a sensible purpose, at about the same time the wife needed a new car. I told the bank that I wanted to replace the kitchen so they happily advanced the extra money and then lumped the accounts together and the money in my savings effectively offset the extra loan. But we did have a bit of fun when buying the car as the dealers insisted we talk to their finance department, so we sat there and listened to their spiel and then I said to the wife 'We can just add it to the mortgage' knowing it was already covered by the offsetting, the finance guy nearly had a heart attack and then lectured me on having a 25 year loan for a car that wouldn't last that long while we just sat there and said we weren't bothered.
