Remortgage - is it possible with lots of debt?

PigginSkint

This is similar to another current thread, I know.

I am a DFW and looking to save money. I have been advised to move my mortage to get a better interest but I don't know whether this will be possible given the fact that I have a lot of credit card etc debt at the moment.

I have always made my payments on my current mortgage and I have good credit score.

We are just about managing to keep up with the repayments on everything at the moment but my OH is self-employed (he is an actor) so his income is variable - it is only with his contribution that I am able to make ends meet every month. Will this have an impact on whether I can get a new mortgage.

My bank want to 'help me out' - I expect they intend to suggest that I consolidate my debts into a re-mortgage with them. This is something I intend to resist but I am open to offers if they suggest that I just move my mortgage. Should I go with this or shall I shop around?

Any help gratefully received!!!

stevenclarkuk

Hi there...

You haven't given any numbers so it might be hard for someone from the site to assist you..
If you can post how much your mortgage is, how much your debt is along with interest rates aswell as your income, someone might have a better chance to help you.

I recently remorgaged even though I had a lot of other debts. But what's made the biggest difference for me is moving my credit card debt to low interest cards. Now 2 of my credit cards are only charging 4.9% interest which is cheaper than my mortgage (5.5%)!! It makes more sense for me to pay my mortgage off before the credit cards!! How mad is that!

So, consoladation can help for some, but it's not usually the sensible option.

Steven

MortgageMamma

HI Pigginskint

I have a broker friend who specialises in finding mortgages for people connected with the arts, as he used to be a classical muscian. If you would like his details please let me know, I'm sure he could help you both out.

MM

PigginSkint

Thanks for the advice. I have posted an SOA on the DFW site but I see I really need to create a signature for myself! I will deal with that later today!