Can I do this? Please help!!!

pedro2704

Myself and my partner are looking at getting a mortgage. We earn around £30000 combined and are looking at property around the £100,000 mark. However, we would like to put our existing loans, credit cards etc on top. Can this be done, and if so, does anyone know who does it and how much it would cost a month over say 35 years?

Please help.
peter2704@gmail.com

herbiesjp

In theory, yes it can be done.

Whether it is the best course of action for you, will depend on your current circumstances.

Please remember that you would be turning unsecured debt into secured debt against your property, and that while short term it may become cheaper, if you pay the new loan amount over a 35 year term, it will mean you are paying back more in the long term, as you have borrowed this extra amount of money for a far longer period of time.

MortgageMamma

There are only a handful of lenders who could help with this, and a lot of whether it can be done or not will depend on your credit history. your best route is to go and see a local fee's free whole of market mortgage advisor, and take professional advice. There may well be a better option for you with regards to your outstanding finance.