Re-mortgage vs further loan or???

paris17

Hi

My mortgage is £42,500 my house was valued at £150,000. I have 15 years left to pay off mortgage. (alliance and Leicester)
In Sept 10 my 5 yr fixed rate deal ends (was 4.99%) from Jul 1st 10 my rate will drop to 1.75% (from £329 to £254) which is great but, we have credit card debts that I want to get rid of £15,000 for me and £10,000 for my partner)
Should we/could we get 2 x seperate unsecured loans to pay off over 15 years (1 each) or should I get a further loan of £27,000 over 15 years at 4.99% standard variable rate? we have been accepted for this.
I am not sure if I should go to the co-op for the 3.99% fixed for 5yrs? I don't know who to go to who you can trust will give me the best deal around??? my head is really hurting!
where can I find a whole of market broker who does not charge a fee, the one I talked to over the phone charges around 2.79%
Hope someone can give advice. I will never have a credit card again once they have gone!
Regards,

_Andy_

You won't find a personal loan with a 15 year term (likely max 7 years).

jockosjungle

Don't think you'll get an unsecured loan for 4%, so maybe better off adding it to your mortgage if you think you can afford the payments and repossession won't be an issue. Maybe cut up the credit cards, but thats just an idea

R

dimbo61

If? you got the mortgage with the COOP at 3.99% fixed for 5 years and added the £999 fee to your mortgage £42,500 plus £27,000 to clear your Credit card debts you would pay £521.13 a month for the next 5 years on a 15 year term.
But the COOP may well say NO ( whats your Credit score?)
You are spending more than you earn so you need to go onto the debt free board and post a SOA ( statement of affairs) they can help.
Even borrowing £70,500 your Loan To Value would still be less than 50%

VT82

dimbo61 wrote: »

If? you got the mortgage with the COOP at 3.99% fixed for 5 years and added the £999 fee to your mortgage £42,500 plus £27,000 to clear your Credit card debts you would pay £521.13 a month for the next 5 years on a 15 year term.
But the COOP may well say NO ( whats your Credit score?)
You are spending more than you earn so you need to go onto the debt free board and post a SOA ( statement of affairs) they can help.
Even borrowing £70,500 your Loan To Value would still be less than 50%

Where does the OP say what they earn exactly? They have spent beyond on their means in the past, have (hopefully) learnt their lesson, and want the most moneysavingexpert way to get out of it.

Honestly, all these 'go to the debt free wannabe forum, and eat baked beans for the rest of your life' posts is like some big cult!

paris17

jockosjungle wrote: »

Don't think you'll get an unsecured loan for 4%, so maybe better off adding it to your mortgage if you think you can afford the payments and repossession won't be an issue. Maybe cut up the credit cards, but thats just an idea

R

Thanks! the cards are definitely going once I sort myself out.

paris17

dimbo61 wrote: »

If? you got the mortgage with the COOP at 3.99% fixed for 5 years and added the £999 fee to your mortgage £42,500 plus £27,000 to clear your Credit card debts you would pay £521.13 a month for the next 5 years on a 15 year term.
But the COOP may well say NO ( whats your Credit score?)
You are spending more than you earn so you need to go onto the debt free board and post a SOA ( statement of affairs) they can help.
Even borrowing £70,500 your Loan To Value would still be less than 50%

Thanks for this, we are paying around £400 per month interest on cards. Credit score is good - not missed any payments and no ccj's etc; just want to get rid of cards forever I will have a look at the debt free board, not been on there.

:D