ricopenthouse

Nice horse analogy :). Please tell me if I got this right. Basically, you can request a bank loan, for example, to buy a house. Having got the loan, you use the money and buy the house above. In a few days, you find yourself in possession of a large sum of money and choose to pay the loan. Having done so, even if you had paid some interest rates for the time you had the money, you are considered loan free and as if you had never had a loan? I asked a friend from Mortgage Advice Newcastle to explain it to me, but the terms were too complicated to understand.

When taking a loan always consult a lawyer beforehand. I got burned once, thankfully it was a small loan but I paid back double nonetheless. I have a small business and owning one involves taking many loans from the bank. I have made it a rule of mine to always consult with a specialist from Mortgage Broker Essex before and during the visit to the bank. They can't deceive you legally and they throw a bunch of fancy and complicated words in the contract so you do the self deceiving part.