Remortgaging? First time.
Discussion
So it's coming up to 2 years since we bought our first house and we where on a fixed with Halifax for 2 years. The fixed term ends at the end of July. Currently is at 4.4%.
Now the whole mortgage thing confused the hell out of me and now the same applies to remortgaging.
Our house value is between £190k-£200k and have £149k left on our 28 year mortgage (deposit was £27k).
In an ideal word it would be helpful if we could free up some of our equity do pay off some other CC debt, however not sure how possible this would be.
Any advise to pros and cons would be helpful.
Now the whole mortgage thing confused the hell out of me and now the same applies to remortgaging.
Our house value is between £190k-£200k and have £149k left on our 28 year mortgage (deposit was £27k).
In an ideal word it would be helpful if we could free up some of our equity do pay off some other CC debt, however not sure how possible this would be.
Any advise to pros and cons would be helpful.
LeftMuffin said:
So it's coming up to 2 years since we bought our first house and we where on a fixed with Halifax for 2 years. The fixed term ends at the end of July. Currently is at 4.4%.
Now the whole mortgage thing confused the hell out of me and now the same applies to remortgaging.
Our house value is between £190k-£200k and have £149k left on our 28 year mortgage (deposit was £27k).
In an ideal word it would be helpful if we could free up some of our equity do pay off some other CC debt, however not sure how possible this would be.
Any advise to pros and cons would be helpful.
Paying off the CC's will be possible, if thats what you wanted to do.Now the whole mortgage thing confused the hell out of me and now the same applies to remortgaging.
Our house value is between £190k-£200k and have £149k left on our 28 year mortgage (deposit was £27k).
In an ideal word it would be helpful if we could free up some of our equity do pay off some other CC debt, however not sure how possible this would be.
Any advise to pros and cons would be helpful.
I'm a Mortgage Broker, happy to help if you wan to drop me a PM?
LeftMuffin said:
So it's coming up to 2 years since we bought our first house and we where on a fixed with Halifax for 2 years. The fixed term ends at the end of July. Currently is at 4.4%.
Now the whole mortgage thing confused the hell out of me and now the same applies to remortgaging.
Our house value is between £190k-£200k and have £149k left on our 28 year mortgage (deposit was £27k).
In an ideal word it would be helpful if we could free up some of our equity do pay off some other CC debt, however not sure how possible this would be.
Any advise to pros and cons would be helpful.
Assuming 190k valuation your LTV is 78% or at 200k its 74.5%, just be careful as the rates offered tend to be stepped, i know when i last looked having at LTV of lower than 65% meant a lower interest rate than if it was 66% i seem to remember 75% being another tipping point.Now the whole mortgage thing confused the hell out of me and now the same applies to remortgaging.
Our house value is between £190k-£200k and have £149k left on our 28 year mortgage (deposit was £27k).
In an ideal word it would be helpful if we could free up some of our equity do pay off some other CC debt, however not sure how possible this would be.
Any advise to pros and cons would be helpful.
My only word of advice is if you clear some credit cards, get rid of them when cleared. I did something similar may years ago and didnt and was too stupid to not run them back up again.
A mortgage broker is a good shout, but also dont be shy of researching yourself. When i took mine the broker offered me his best deal, which i beat from my bank (which dont deal through brokers).
LeftMuffin said:
In an ideal word it would be helpful if we could free up some of our equity do pay off some other CC debt, however not sure how possible this would be.
Any advise to pros and cons would be helpful.
IMHO paying off a credit card by adding to your mortgage is bordering on crazy stupid...Any advise to pros and cons would be helpful.
S
LeftMuffin said:
skeeterm5 said:
IMHO paying off a credit card by adding to your mortgage is bordering on crazy stupid...
S
Why's that?S
Add it by all means but overpay on the mortgage.
Sir Bagalot said:
Because in this instance he is going to be paying interest on his CC debt added to his mortgage for the next 28 years.
Add it by all means but overpay on the mortgage.
Have you ever looked at how long it would take to pay off, say £10k, paying the minimum payment on a credit card that charged even a reasonable rate??? Add it by all means but overpay on the mortgage.
It's as long as most people's mortgages.....
Kudos said:
What if the cc debt is 18%+?
One card is 24% with £6,500 so to be honest I don't give a monkeys if it ends up costing me more over the length of the mortgage. I'm looking at current circumstances.Plus if I'm able to clear some of our CC's it will free up money to enable us to over pay out mortgage which currently we can't do.
Edited by LeftMuffin on Sunday 26th May 17:53
LeftMuffin said:
One card is 24% with £6,500 so to be honest I don't give a monkeys if it ends up costing me more over the length of the mortgage. I'm looking at current circumstances.
Plus
Yep, get rid somehow. Have you looked at 0% cc with balance transfer? I see some now doing 26 months interest free!Plus
Edited by LeftMuffin on Sunday 26th May 17:52
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