Remortgage

peterjohnson007

JoeK wrote: »

Peter, I have not suggested in any way that you should go down the IVA route, I have merely suggested that you got debt management help.

Incidently, how much is your house worth?

JoeK

valued last week at 110000 i thought it would 120k as thats what estate agents valued it at, that woulda given us the money left over for helping us to get on our feet again, pay family back etc, but it came up 10 k short thats why im asking if its a good idea to take out another secured loan of 25000 to pay off the original 16000 to leave us with money left over and then remortgage the both or just original 78000 and postpone the 25000 loan. i just wanted advice on these options. i might even be better off to remortgage the 25000 and 78000 and pay it off as interest only for a few years till we are stable enough again to go repayment.

JoeK_3

peterjohnson007 wrote: »

and i wish to remortgage becuase my deal with future is 20 days away from its tie in period which after that my rate will be even higher than im paying now so to me a remortgage to an intrest only mortgage will see me well for a few years untill my credit file is repaired and my partner is in a full time job as kids will be in school so we will have 2 full time incomes. its pretty hard trying to raise a family on its own without the worry of debt like this

Peter, your debts are running at more than you property value!!

If you secure these now, you could lose your house.

Get some debt management help and secure your property, now!

Take care

JoeK

peterjohnson007

JoeK wrote: »

Peter, your debts are running at more than you property value!!

If you secure these now, you could lose your house.

Get some debt management help and secure your property, now!

Take care

JoeK

JoeK

atm my prop value is 110k my mortgage is 78k my secured loan is 16k thats 94k so ive still got 16k in there right??? if i chose to take out 25k loan id repay the 16k which would put my secured debts at 103k still 7k off the prop value, but surely if i live in the property for 4 years or more and leave loans etc alone completely i may be able to sell for 120k or maybe more which would leave me with 17k equity??? which could be used as a deposit then?
how is my debt running higher than my prop value??? i understand you r trying to help but i dont understand your last post???

JoeK_3

peterjohnson007 wrote: »

atm my prop value is 110k my mortgage is 78k my secured loan is 16k thats 94k so ive still got 16k in there right??? if i chose to take out 25k loan id repay the 16k which would put my secured debts at 103k still 7k off the prop value, but surely if i live in the property for 4 years or more and leave loans etc alone completely i may be able to sell for 120k or maybe more which would leave me with 17k equity??? which could be used as a deposit then?
how is my debt running higher than my prop value??? i understand you r trying to help but i dont understand your last post???

Peter, at the end of the day you can do what you want and decide to do but in your threads you have stated clearly that you want to take out a further loan for £25,000.

If you add all your debts up at the moment they come to more than your property value and yes I am trying to help.

You are assuming that the property will go up in value but who knows what the interest rate hike due next month will bring!

Some of your suggestions have been far to adventurous and I am trying to make you think and draw you out of it.

Good luck

JoeK

peterjohnson007

fair enough but how do my debts at the moment add up to more than my property value???
my prop value is 110k
my mortgage is 78k
my secured loan is 16k
total secured debts are 94k which is 16k positive equity???
if i took out the secured loan of 25k i would repay the 16k which would add an additional 9k onto the 94k which is 103k which still leaves me wiv 7k positive equity???
my unsecured debt adds up to overall a max of 3k so that is not really a big issue in regards to the secured debt.
secured debt is the biggy you have to worry about, and if i cant sell my property in 4 years time for a positive equity price then we shall see what happens then, but isnt that a risk all homeowners take when purchasing a house???

MortgageMamma

..Joe

The interest rate hike next month is not a foregone conclusion mate!

You are right there is a lot to be taken into consideration here but I am sure he is in good hands!

JoeK_3

MortgageMamma wrote: »

..Joe

The interest rate hike next month is not a foregone conclusion mate!

Bet you a pint of Chardonnay!

MortgageMamma wrote: »

..
You are right there is a lot to be taken into consideration here but I am sure he is in good hands!

Hope so!

JoeK

MortgageMamma

JoeK wrote: »

Bet you a pint of Chardonnay!


Hope so!

JoeK

I thought you bet a £10 already, but you are on mate. One catch though, if I win you have to drink it in one

JoeK_3

MortgageMamma wrote: »

I thought you bet a £10 already, but you are on mate. One catch though, if I win you have to drink it in one

And if I win???

JoeK

MortgageMamma

JoeK wrote: »

And if I win???

JoeK

Your call...