need to reduce my loan payments but how?

Euphoria1z

hi

looking for some advice...
i have 2 unsecured loans both taken out over a 7 yr period 2 yrs ago.
first loan is 7k (paying back 10k over 7 yrs)
second loan is 15K (paying back 20k over 7 yrs)

my monthly payments are £125 pm for loan 1
and £245 pm for loan 2.

thats £370pm im paying but i need to get rid of these 2 loans (or even just the big 15k one will be fine.

i have 3 properties, all bought roughly at the same time (2007/08)
residential- 165k bought with 15% deposit, loan 142k
btl1- 105k bought with 15% deposit, loan 90k
btl2- 115k bought with 15% deposit, loan 100k

whats the best way to minimise my unsecured loan payments? i really want to transfer the loans onto one or all mortgages so i no longer have to pay this £370pm or pay less as it will be on the mortgage.

whats the best option here? i know i dont have any equity (or at best what ever my deposit is, but for the buy to lets, its not possible as you now need a 25% deposit.)

but should i consider transfer the loan/or borrowing more from my residential mortgage to clear my unsecured loans as the interest is quite high?

all suggestion welcome. just dont fancy paying the unsecured loan off over 7 yrs if theres an alternative to pay less in any way.

Thanks

Regshoe

As you haven't mentioned it as an option, I assume you don't want to sell one of the properties - which may be one solution. Although if you have tenants in two of them then this may either mean difficulty selling (with tenants in situ) or having a void whilst you get the tenants out (and stop receiving rent) until you manage a sale.

By the sounds of it you are somewhat overstretched and so may not be able to obtain further credit, but if you can you could try converting one or both of your unsecured loans to secured loans over a longer period, you would probably end up paying back more, but over a longer period. Yyou could possibly get one unsecured loan, however I can't remember what the limits for size and duration of personal loans tend to be.

I would think if you are able to remortgage your residential property (assuming there is at least some equity in it) then you probably wouldn't be able to get very much extra and this may well up your interest rate (although without knowing the exact details of the mortgage and value of the house etc it would be hard to tell).

Potentially you could swap your residential mortgage to interest only for a few years in order to get rid of your unsecured debts (again this would depend on what your conditions are in your current mortgage and assuming of course it is not already interest only).