Preparing for remortgage

markiepat

Hello,
Currently with NRAM on the loyalty rate looking if I have any options.
The numbers
Outstanding approx 78000
Value 100000 - 110000
17 years left paying 540 on the mortgage
I have 24000 of credit card debt paying about 500 a month
and loan paying 108.

Salary is 33000

Is it worth moving the cards to a loan, will it be more beneficial as will be straight committment.

cheers
Mark

Thrugelmir

Your debts will severely impact your ability to remortgage. Consolidating debt will make no difference.

Have you considered a lodger to boost your income?

Visit the Debt Free Wannabe board for advice and support on tackling your debts.

alexjramsay1

Hi

Really hard not to advise you on this one! Erm...

Refinancing debt does not always make it cheaper, especially if you end up borrowing the money for longer. Typically the speed you pay something back will reduce the cost greatly. If you can refinance it onto a cheaper rate AND pay it off at the same speed or ideally quicker, it will reduce the interest cost of the debt.

Whether or not you'll be able to borrow enough on a loan or mortgage is another question entirely given the amount of debt you have to your name. My guess is that things are already tight for you? The sooner you put a plan into place to work your debt down the less the overall cost will be.