New doctor wants to remortgage and debt consolidate - any suggestions?

Singing_Doctor

Hi,

I qualify as a doctor this summer (mature student of 31) and start on £36,500, my husband earns £24k (teacher). Our house is worth £180,000 and our mortgage (interest only with the hateful Halifax/Bank of Scotland) stands at £99k. We have loans/debts of c. £38k which we wish to incorporate into a new mortgage and we also want to release £20k to finish doing up our house in order to maximise profit when we sell it next year. We will be needing a new mortgage of c. £160,000. Our joint income will be £61.5k (£20k equity).

I am keen to find a repayment mortgage without any heavy redemptions penalties because I will happily more my mortgage whenever a better offer comes along.

Any ideas on good deals for someone in my position? Thanks!!

nh

I think most good mortgages ie. low rates tie you in for at least two years.

I think offset mortgages and such don't tie you in, but the interest is higher.

We are with Nationwide, borrowed £158,000 (on 56K joint income) and our repayments are £900 a month. We are on a tracker 0.04% above the base rate (currently 4.79%), tied in for two years, but at the end of two years you can move without a redemption fee.

All the best interest rates tie you in so it is a trade-off - do you want flexibility or low rates?