Help with Statement of affairs for when i need to remortgage!!

nkairuz

Hi everyone,

I am quite worried that for when we need to remortgage in 2012 the rates could go up dramatically.
We took a Northern Rock Together loan back in June 2007.
We are on a 5 ys fixed repayment deal at 6.29%. The total term of the loan was originally 30 years.
There are £167000 left on the mortgage and there are another £29300 as an unsecured loan that will stay at the same rate of the mortgage, as long as I remain with NR. If I was to move or transfer my mortgage (in June 2012) to another provider, the unsecured part would go up to 8% above NR SVR.
I also have been granted a house (is a ground floor flat of 49sqm) extension of 12sqm
I was wondering if anyone could help me to see whether I should put up my flat for sale as it is now, extend it (as I get help from my brothers who are an architecht and a builder and could get it done for a reasonable ammount of £) or keep the flat and put up with any possible economic outcomes/tackle the debt quicker.
Below is a statement of affairs I got today:

<pre><b>Statement of Affairs and Personal Balance Sheet</b><b>

Household Information</b>
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 0<b>

Monthly Income Details</b>
Monthly income after tax................ 1700
Partners monthly income after tax....... 1700
Benefits................................ 0
Other income............................ 60<b>
Total monthly income.................... 3460</b><b>

Monthly Expense Details</b>
Mortgage................................ 1251
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 107
Council tax............................. 122
Electricity............................. 50
Gas..................................... 40
Oil..................................... 0
Water rates............................. 35
Telephone (land line)................... 32
Mobile phone............................ 20
TV Licence.............................. 11
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 300
Clothing................................ 30
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 130
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 5
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 14
Life assurance ......................... 39
Other insurance......................... 0
Presents (birthday, christmas etc)...... 60
Haircuts................................ 28
Entertainment........................... 150
Holiday................................. 100
Emergency fund.......................... 20<b>
Total monthly expenses.................. 2544</b>
<b>

Assets</b>
Cash.................................... 6500
House value (Gross)..................... 210000
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 2000<b>
Total Assets............................ 218500</b>
<b>

Secured & HP Debts</b>
Description....................Debt......Monthly...APR
Mortgage...................... 167000...(1251).....6.29
Secured Debt.................. 29300....(0)........0<b>
Total secured & HP debts...... 196300....-.........- </b>

<b>Unsecured Debts</b>
Description....................Debt......Monthly...APR
Credit card....................3950......25........0<b>
Total unsecured debts..........3950......25........- </b>

<b>
Monthly Budget Summary</b>
Total monthly income.................... 3,460
Expenses (including HP & secured debts). 2,544
Available for debt repayments........... 916
Monthly UNsecured debt repayments....... 25<b>
Amount left after debt repayments....... 891</b>

<b>Personal Balance Sheet Summary</b>
Total assets (things you own)........... 218,500
Total HP & Secured debt................. -196,300
Total Unsecured debt.................... -3,950<b>
Net Assets.............................. 18,250</b>