remortgage or loan ?

gpaul49

Hi what would be better a remorgage or loan
what i am thinking loan first to new bathroom kitchen etc
then remortgage for house value with gmac no penaties
intrest only but want to go back to full

some arrears
and a dmp dcm apex ?
getting in a better finacial postion but dont want my parners income on it
for one year.

UK007BullDog

Pay off your arrears first of all and any arrangements.

Then next year think of remortgaging and getting a new kitchen etc.

Otherwise your rates are going to be very high, Anyway if you are behind buying more money to fix up the kitchen means you have to pay back more. As you are already in arrears would you be able to afford it once the repayment is even higher than it is now?

Alternatively go for a credit repair mortgage where you can release some equity and pay of the debts and have the money for the kitchen. However do not loose the sight on the affordability, can you afford the new payments which will be higher?

There are some short term loans available but they are expensive. A mortgage could be cheaper. But the right answer can only be given by a broker who has all the facts and figures.