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Stick? sell and downsize? remortgage? Help...
denisovich
Posts: 1 Newbie
Dear All
Would be grateful for any advice. We own property worth about £220k. We owe £150k (current mortgage £949.09 per month). We have car loan debt £28k (paying £361.25 per month), credit card debts (mostly 0%, remainder on Amex, low %age) totalling £11500 (paying £445.00 per month). Other monthly outgoings £1400. Leaves us with only c£800 per month disposable. Is it better to:-
Our incomings £3820 per month.
1. remortgage to pay car and credit card debt
2. sell and downsize
3. stick and struggle with the current situation
Would be grateful for any advice. We own property worth about £220k. We owe £150k (current mortgage £949.09 per month). We have car loan debt £28k (paying £361.25 per month), credit card debts (mostly 0%, remainder on Amex, low %age) totalling £11500 (paying £445.00 per month). Other monthly outgoings £1400. Leaves us with only c£800 per month disposable. Is it better to:-
Our incomings £3820 per month.
1. remortgage to pay car and credit card debt
2. sell and downsize
3. stick and struggle with the current situation
0
Comments
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It may help people more if you could post details of your incomings & outgoings so they can see if you can cut your spending back in other areas.
My choice would be to sell up & downsize & clear the debts, but someone with more knowledge than me will be able to advise on whether remortgaging is a valid option.
You certainly don't want to go for option 3. You've shown you've got more sense than that by posting here.
The bigger the bargain, the better I feel.
I should mention that there's only one of me, don't confuse me with others of the same name.0
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