Stuck what to do about mortgage situation ?

DAREDEVIL78

Hi , i am wanting any advice as to my situation , it is quite an open query so anything will be gratefully received.

I have a mortgage with Halifax , i am on standard variable rate now after coming off a fixed term period a few months ago.

In my head i would LIKE to plan to move from my current 2 bed terraced but realistically know funds are not allowing me to move on , i feel stuck as probably many others do at the moment.

I am managing to meet my mortgage and also have a small personal loan i would like to pay off as it is so tight meeting these 2 payments.

If i do stay put in my current home can i remortgage with current lender or new lender ?? with a view to also paying off my personal loan as this is what i am struggling to meet whilst paying mortgage.

I have already had an advance from the halifax to have a bedroom added to my property making it what is now a 2 bedroomed so this will have probably eat into a large part of equity in my house, i think there is still a small amount of equity but is it enough to allow a lender to make a further advance.

Roughly my house is worth around 70k and i have 60k remaining to pay total ( including first advance)

Absolutely anything useful would be great ? thanks

Wh05apk

Halifax will I think go to 80% for further advances, so you are already over their maximum, however depending on your value, you may find a 90% remortgage elsewhere, although as the rate will be higher, I suspect you will be better staying with Halifax, which will also avoid incurring any fees.

Thrugelmir

DAREDEVIL78 wrote: »

In my head i would LIKE to plan to move from my current 2 bed terraced but realistically know funds are not allowing me to move on , i feel stuck as probably many others do at the moment.

Continue to pay down your mortgage debt. Building up equity is the way forward. Though if you are struggling now with your outgoings. Borrowing more doesn't make financial sense. Sometimes you need to make sacrifices to achieve a particular goal. So very much down to personal choice.