Need to re-mortgage - advice please? :)

harrisc

Well we need to remortgage and as much as we don't like it we are going to consolidate our debts into the mortgage and also finish off our extension.

We need a mortgage for 120,000, still relatively small I think in this day and age.

Ideally looking for a fixed rate for either 5 or 10 years so we know where we are going each month with money.

Can anyone out there help me please, I have done some digging around and there's a good one with Leeds at 658 a month for 10 years but the fees are stupid money, 1,500.

Thanks alot and hugs in advance Claire

herbiesjp

What is the property value?

What is your income?
What is your husbands income?

Are you clearing ALL debts in the process?

MortgageMamma

Hi There

You need to talk to a whole of market mortgage advisor, preferably fee's free, but if you are happy to pay a fee thats fine as well. The advisor will ask you some questions, some personal that you may not want to post on here, and then find the best mortgage for you. The advisor should also talk you through the pro's and con's of fixing for so long, and also the effect that adding the debts to your mortgage will have on the total amount you will pay over the term for them. If you dont know any whole of market mortgage advisors ask around friends and family, its best to see someone via recommendation.

HTH

Lisa

blacksta

can you recommend any fee free brokers

harrisc

herbiesjp wrote:

What is the property value?

What is your income?
What is your husbands income?

Are you clearing ALL debts in the process?

Hi - we will be clearing all our debts and finishing of our extension to the house.

Current mortgage is 80k, debts are just short of 40k hence the need for a 120k mortgage.

House is worth about 165 - 170k, 3 bed semi.

My income is 5689, only part-time homemaker but full-time next year when son starts school.

Hubbies is 28600

Thanks

Faster_Loans

Hi harrisc,
That brings your new debt to £80k when you get a loan.
You should be able to do that but things might vary depending upon your age.
I note that your income will fall next year, have you planned for this?
regards,
Alex

MortgageMamma

Faster Loans

I suggest you change your signature as it is blatantly touting for business and against site rules. This has been reported to the forum moderators who will not doubt speak with you on this matter.

harrisc

Faster Loans - I don't understand, Why would we have a new debt of 80k it would be 40k, current mortgage is 80k and we have 40k debt which we want to completly clear by re-mortgaging for 120k as it would give us the 40k we need to clear everything off. Also my income won't be falling next year it will be increasing as I am currently part-time but next year will be full-time. Ta

herbiesjp

I don't think fatser was really looking at your post - just trying to plug his services.

Don't think much of those services if that is the response he gives you.

What do you think MM?

MortgageMamma

I think he's obviously a nob Stef.

MM

stanmoresaver

MortgageMamma wrote:

I think he's obviously a nob Stef. MM

Bosh!

Mind you it was a bit blatent Fasterloans! The brokers on here post for the good of the MSE "community" and not for personal gain!

SS