Remortgage help/Tighten up outgoings etc

concho007

I need to save some money and tighten up my finances overall, so I could do with some sound advice please.

I have 3 mortgages with the nationwide atm basically they total up to around £143000 and I have 18 years left on 2 of them and 11 years left on another and I am paying around £1300 a month wich I need to reduce (these are all repayment)

My requirements are:

1: get my payment down from £1300 to somthing more like £1100
2: Maybe get some cashback (decent amount to pay off a credit card of 13000)
3: I dont mind paying it back upto 20 years (adding a few years on)

I would love some sound advice or someone who could sort all this out for me.
I earn £30000 P/A
wife earns £20000 P/A (i think)

Cheers

Steve

dukesy_2

6,84 % 5 year fixed rate with the chelsea comes with 6% cashback and no overhang

over twenty years, payments would be sub 1100 and about £8400 cashback

Maybe borrow another couple if you HAVE to clear cards (or DFW the difference_! )

HTH

Dukesy

concho007

Cheers for that what is DFW? would it be better to borrow more and have no cash back (is this possible?) or get the cashback? Obviously the extra is to pay off a credit card.

dukesy_2

HI

See http://forums.moneysavingexpert.com/forumdisplay.html?f=76 for the debt free wannabee adivce (how to lower outgoings and maximise income)

I (personal opinion) would get my cashback and BT the balance of the CC to a Low LTB credit card

I would then DFW (see above thread) til balance was cleard.

I am sure everyone here would reccomend NOT putting CC balances onto a Mortgage and paying over 20 years !!!!!

Follow the link above and hae a read througth the forum (find the snowball calculator and play with the figures (what if I DID put the extra on mortgage etc, you will see why we dont reccomend it !!)

HTH


Dukesy