??help??

bluetonideanne

this may sound stupid, but i need some advice. We have 2 remortgages on top of our original mortgage on our property and i was wondering if we could put them altogether to save on the intrest, my partner is not too keen as its a "faf" and he says we wont save that much and its not worth it.
the house is worth 95,000 the original mortgage is 175.00 a month
first remortgage is 145.00 a month both 22 years left and the second is a whopping 303.00 a month but we have 9 years left on this last one.Please if anyone can advise i would really apprieciate it thankyou.

hokkers999

bluetonideanne wrote: »

this may sound stupid, but i need some advice. We have 2 remortgages on top of our original mortgage on our property and i was wondering if we could put them altogether to save on the intrest, my partner is not too keen as its a "faf" and he says we wont save that much and its not worth it.
the house is worth 95,000 the original mortgage is 175.00 a month
first remortgage is 145.00 a month both 22 years left and the second is a whopping 303.00 a month but we have 9 years left on this last one.Please if anyone can advise i would really apprieciate it thankyou.

Look at it this way, you owe the money anyway right? If they are all at different rates then you are simply wasting money. Without knowing how much debt is left on each mortgage it's difficult to be more precise, but why is the last one only 9 years?

Is it a "second charge" or actually third in this case, ie a secured loan?

After that it depends on what your objective is.

1. Minimise monthly outgoings
2. Eliminate mortgage as early as possible

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