jokers!
Im slightly confused, you need 10k for 5?
You mean you need to borrow 10,000 and you have 5,000 deposit. Personally i would throw the money at you, its over 30% LTV, if this is the case.
Or do you mean you need to borrow 10,000 over 5 years?
Either way you wouldnt be paying that much back, i cant work out the rate without knowing the repayment period, but its practically extortion, far too high, unless your borrowing over 60 years or something ridiculous. What is the rate and period of the loan?
Also check for 'fees'. Some companies can charge upto 1,500 set up fee in the u.k, i know, ive paid them (better rates though).
My advice would be a bank loan in the u.k. Are you from the u.k? Do you work? You should be-able to get a better deal. Do you need rental income to cover the loan?
I know people who have been registered bankrupt who have had better rates.
Shop around for a loan, definately.
|