Remortgage

Governor8777

I took.the leap last sept and took out a mortgage, bought it.for £44800, house was valued at £65000 when i got it, i had new windows put in the house, this is a long shot but i have debts of up to £23k, i know i wont be.able to borrow it all but can any body give me an idea of how much i could borrow if i remortgage please?

Thankyou

Governor8777

I also pay £220 per month if it helps on the mortgage.

Thrugelmir

Mainstream lenders won't be interested in debt consolidation.

Suggest you pay a visit to the Debt Free Wannabe board. Get some advice on getting your finances under control.

ACG

You can take your mortgage upto 85-90% of the property value.

Governor8777

ACG, thankyou for your advice, would i be stupid in asking if i can try and remortgage so early in to my mortgage? Just want to try and clear a few debts and make things easier for us, at least it might give us a fighting chance.

Thank you

ACG

If you remortgage you will probably be hit with ERCs.

You can take out a further advance - as for whether your silly thats for you to decide. If it helps you become more financially stable then it may not be a daft idea.

As Thrugle says some lenders may not be happy to secure extra debt against your property.
Speak to your lender, see what they say and whats available.
then you can make your decision once your in receipt of the facts/options.

dimbo61

What did you pay for the property ? £45K well that is what its now worth!
If you pay to have a valuation done the surveyor will look at recent sales AH House number 7 was bought 6 months ago for £45K therefore its still worth £45K even with nice new windows

Governor8777

I paid £44800, the house then (last year I purchased it) was valued at £65K, the reason for that is because I purchased it from the housing association so they knocked off £24K.

Simon_gloster

Governor8777 wrote: »

I took.the leap last sept and took out a mortgage, bought it.for £44800, house was valued at £65000 when i got it, i had new windows put in the house, this is a long shot but i have debts of up to £23k, i know i wont be.able to borrow it all but can any body give me an idea of how much i could borrow if i remortgage please?

Depends who your lender is. Going direct and taking additional borrowing will usually limit you to 80% of the value, so say 65k.

That means a max 52k including what you currently owe.

If your lender wont offer anymore due ro value restrictions, as mentioned, if you really need to clear some of them off you may incur charges.

As usual I may be talking bolloc@s, but hey ho. I know nothing.