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Fixed Rate finishing in Oct - need advice
blackangeluk
Posts: 837 Forumite
I have been sent over here from DFW board - have finalised woken up and smelt the roses and realised I'm in debt!
We have fixed rate mortgage with the Halifax for £174k until 1st October 2007and we have a second charge taken out March/April 2006 for £55k (although it will have reduced but not sure how much redemption figure will be). I want to lump this together to save money over a 20 year mortgage.
My problem is I will have approx £17k of credit card debts by October as well as £300 monthly loan repayments. We will also be paying £346 direct from our salaries by Sept 07 for childcare so this will be taken into account when anyone considers us.
Our joint income is £69,800 (why oh why am I in debt), I do not want to lump my other debts into the mortgage and I only want to get the necessary money to cover mortgage and 2nd charge, but undoubtedly my debts will count against me in deciding how much they will lend.
I have looked at the Chelsea and they will lend 3.75 x our salary, I have calculated min credit card payments and £300 loan payments and deducted this from our salary and it might be just enough to get us what we need. The alternative is to stick with the Halifax and switch to another 2 year fixed deal and find an extra £300 a month to fund it :eek: I am hoping to have a salary review in September but I really cannot afford an extra £300 a month.
Can anyone help re this, it is not urgent until October but I really want to research it and be organised. Felt a little fed up this morning whilst researching mortgages, but I will not get down about this
Thanks in advance
We have fixed rate mortgage with the Halifax for £174k until 1st October 2007and we have a second charge taken out March/April 2006 for £55k (although it will have reduced but not sure how much redemption figure will be). I want to lump this together to save money over a 20 year mortgage.
My problem is I will have approx £17k of credit card debts by October as well as £300 monthly loan repayments. We will also be paying £346 direct from our salaries by Sept 07 for childcare so this will be taken into account when anyone considers us.
Our joint income is £69,800 (why oh why am I in debt), I do not want to lump my other debts into the mortgage and I only want to get the necessary money to cover mortgage and 2nd charge, but undoubtedly my debts will count against me in deciding how much they will lend.
I have looked at the Chelsea and they will lend 3.75 x our salary, I have calculated min credit card payments and £300 loan payments and deducted this from our salary and it might be just enough to get us what we need. The alternative is to stick with the Halifax and switch to another 2 year fixed deal and find an extra £300 a month to fund it :eek: I am hoping to have a salary review in September but I really cannot afford an extra £300 a month.
Can anyone help re this, it is not urgent until October but I really want to research it and be organised. Felt a little fed up this morning whilst researching mortgages, but I will not get down about this
Thanks in advance
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