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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
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