We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Additional Borrowing on Mortgage to clear Debt.
Options
BobAgg
Posts: 7 Forumite
Morning Folks!
We owe £89000 on our Mortgage, 18 months to go on our fixed rate deal with RBS.
Our property was valued at £110000 6 months ago, and we're now looking for a bigger property.
Our problem could be, with a good few cc's and personal loans to our name, we might not get the amount of money we would be looking for to buy a bigger house.
Would it be sensible to use the additional borrowing to pay off our debt, therefore in say 6-12 months later, being able to borrow the kind of money we're after to 'upsize' our property?
It can't surely be that simple in theory, can it?
[/code]
We owe £89000 on our Mortgage, 18 months to go on our fixed rate deal with RBS.
Our property was valued at £110000 6 months ago, and we're now looking for a bigger property.
Our problem could be, with a good few cc's and personal loans to our name, we might not get the amount of money we would be looking for to buy a bigger house.
Would it be sensible to use the additional borrowing to pay off our debt, therefore in say 6-12 months later, being able to borrow the kind of money we're after to 'upsize' our property?
It can't surely be that simple in theory, can it?
[/code]
0
Comments
-
What additional borrowing? You are already at over 80% LTV. Are you saying you want to increase this to pay off your debts? Has RBS said you can? And exactly how much bigger are you hoping to upsize to? Where are you going to get your deposit for this?
I'm not clear what your plan is, but it doesn't sound like it is going to be simple, no.0 -
You need to look at the big picture ! You are spending more than you earn ?
Loans and credit card debts plus a mortgage of £89K and you want to borrow more to 1 clear the CC debt ( add it to the mortgage) and 2 take on a bigger property with an even bigger mortgage.
Sorry but in the current housing market its not going to happen ( unless you pay very high interest rates)
Go on the debt free board and look at cutting back/earning more/being smart with you money!0 -
OP, how big are the CC debts and Loans that you want to add to your mortgage?"You were only supposed to blow the bl**dy doors off!!"0
-
-
Would it be sensible to use the additional borrowing to pay off our debt, therefore in say 6-12 months later, being able to borrow the kind of money we're after to 'upsize' our property?
It can't surely be that simple in theory, can it?
No its not. Lenders will see through your plan. Tackle your debts as a priority.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351K Banking & Borrowing
- 253.1K Reduce Debt & Boost Income
- 453.6K Spending & Discounts
- 244K Work, Benefits & Business
- 598.9K Mortgages, Homes & Bills
- 176.9K Life & Family
- 257.3K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards