Borrowing

wills7

How long would i need to of had my mortgage to borrow some money off the mortgage company to pay off mu unsecured debts and add them to my mortgage?

grumbler

1. You must have enough equity in your house: =(current value)-(mortgage balance)
2. Adding debts to the mortgage is in fact remortgaging. If your mortgage has some early redemption charges you will probably need to pay them or wait until you don't have to pay them.

wills7

The current value of the property is much higher than what i paid for it as i bought it as a repossesion if this helps?

mrcow

Do you really want to add these debts to your mortgage? :eek:

It doesn't normally make good financial sense to do this. You'd be better off looking at alternative solutions first.

What unsecured debts are there and what rates are you paying?

_Andy_

Why don't you just ring your mortgage company and ask them?

regularsaver1

grumbler wrote:

1. You must have enough equity in your house: =(current value)-(mortgage balance)
2. Adding debts to the mortgage is in fact remortgaging. If your mortgage has some early redemption charges you will probably need to pay them or wait until you don't have to pay them.

Not always the case (for 2nd point) - as a further advance with same lender would not occur a early redemption charge, but there would usually be an arrangement fee

but back to the OP - would this not have been discussed when original mortgage was keyed and details of existing credit commitments were taken?