Remortgage

Topt

Hi can anybody tell me if Its a good idea to remortgage to pay off a couple of loans I owe about 12000 pound and my house is worth around 145000 and I have a mortgage of 100,000 would I get a remortgage and how much could I add to it thanks I'm with Halifax

holly_hobby

You could look to do a further advance, to keep the legal fees down, assuming of course that you income stacks up, etc.. etc..

You could look to do a fee free remortgage with another lender, again income and credit profit needs to stack up - and some lenders do not allow a remortgage or restrict the LTV if fits or debt consolidation purposes.

BUT - you need to consider that you are turning unsecured debt, to secured debt, and whilst (you may be) paying a lower rate of interest if added to your mge borrowing, the term over which it will be repaid will have exended - so you end up paying more over the longer term.

Its difficult to give accurate advice in this format, and I would suggest initially a visit to the adviser in your local halifax, there shouldn't be a charge for their advice as an existing borrower, and you can get a feel for what they would/may offer you and if its really the way you want to go.

Good luck

Holly