advice please

salduck

Hiya
Mortgage amount of £74950
Secured loan of £3000
On a together mortgage with northern rock
Was thinking I might try and release some funds however I dont really know what that means!!!!
I am on a fixed deal until 2010 have been on it for 3 1/2 years now.
House recently valued at £99000 however realistically would be £89950 (thats what i am advised anyway! )
So how would I go about securing some extra money out of it os should i??
I have a default on my credit file from 2 years ago from a crecit card comapny and have shoddy credit from that its satisfied now tho. No other debt!
Thanks in advance
Sal

~Beanie~

salduck wrote: »

Hiya
Mortgage amount of £74950
Secured loan of £3000
On a together mortgage with northern rock
Was thinking I might try and release some funds however I dont really know what that means!!!!
I am on a fixed deal until 2010 have been on it for 3 1/2 years now.
House recently valued at £99000 however realistically would be £89950 (thats what i am advised anyway! )
So how would I go about securing some extra money out of it os should i??
I have a default on my credit file from 2 years ago from a crecit card comapny and have shoddy credit from that its satisfied now tho. No other debt!
Thanks in advance
Sal

Releasing funds basically means borrowing some of the equity you have in your property, which on your figures would be about £12,000.

I doubt very much that you would be able to do it though. You are at almost 87% LTV now, you are incredibly unlikely to be able to borrow any more, especially with a default and a shoddy credit file.

salduck

Thanks thats what I thought but thought it might be worth an ask!
Cheers
Sal
x