Morgage or Re-Morgage

pejoco0_2

I'm due to be divorced soon and would like to remain in the current marital home. It has been valued at £150k and the current morgage is due to be paid off in Aug 09. I estimate that we currently have £22k left to pay and in order to pay-off my ex and consolidate £15k of credit card debts I'll need to borrow £130k. My salary is £2k p/m nett. I don't want to be paying more than £1.1k p/m as a repayment and as I'm already 46 yrs old want the morgage to last 15-20yrs max.
Whats the best way to do this and where should I go for the best deal on a morgage?

herbiesjp

You should go to your current lender first and see what they can offer.

Armed with that information, your best bet is to go to a whole of market mortgage adviser, in order for them to find the best of the rest for you

You would be taking your borrowing back up to over 86%, so you need to make sure you find a lender that is happy to re-mortgage up to this level and that they are happy for the reasons on the re-mortgage.

Some lenders have different tiers for different reasons (having said that you should ok - just be aware that not all lenders are the same)

HTH

herbiesjp

Don't forget there will also be a legal cost for the transfer of equity i.e to take you OH off the mortgage and deeds