We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Using a mortgage to pay off existing debt
TylerRiot
Posts: 2 Newbie
Does anyone know if this is possible? I am halfway through my second degree which is being funded via a professional loan (HSBC) of £25k, having been an undergraduate once before i also have a "standard" set of debts from those days which are slowly diminishing...
I am quietly hoping that when i get round to buying a house (after qualifying) that i will be able to secure a mortage for more than the value of house i intend to buy and use the "change" to pay off debt - spreading the repayments over 25 years??
Has anyone done this, is it possible, is it a good idea/bad idea, would it be better to spend the deposit (50k) that i have paying off the debt and therefore suffer higher repayments/smaller house!
If anyone can shed any light that would be lovely...
Many thanks
Tyler
I am quietly hoping that when i get round to buying a house (after qualifying) that i will be able to secure a mortage for more than the value of house i intend to buy and use the "change" to pay off debt - spreading the repayments over 25 years??
Has anyone done this, is it possible, is it a good idea/bad idea, would it be better to spend the deposit (50k) that i have paying off the debt and therefore suffer higher repayments/smaller house!
If anyone can shed any light that would be lovely...
Many thanks
Tyler
0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.7K Banking & Borrowing
- 253.4K Reduce Debt & Boost Income
- 454K Spending & Discounts
- 244.7K Work, Benefits & Business
- 600.2K Mortgages, Homes & Bills
- 177.3K Life & Family
- 258.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards