Additional borrowing

MrsMerlot_2

I currently have a lifetime tracker mortgage with Woolwich (1.69%) £52000 with an additional borrowing loan of £4,500 at 4.49% for 13 years on repayment basis.

I have not had my house valued, but looking at other properties in the area I would value it at between £85k-£95k.

I need to raise £12k (to pay off 2 credit cards which are crippling us with high interest rates so only paying small amounts off the balance each month).

At the moment the mortgage is in my name only, but I am getting married this year.

Is it worth asking Woolwich for more additional borrowing and increase the term, or try and remortgage elsewhere?

Not sure what to do????

Thrugelmir

Your lender is unlikely to agree to remortgaging for the purpose of clearing debt.

Your best option is to visit the DFW (Debt Free Wannabe) board. Excellent place to get ideas and support to tackle your monetary problems. First priority is to analyse what you spend and start cutting back. In oder to pay more off the credit cards every month.