We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
We own house but have debts,too young for equity release
Busterthedog
Posts: 8 Forumite
Hi,I'm 53 and my partner is 49,we own the house(no mortgage)but have lots of debt,is there anything we can do apart from downsizing?When we die we don't really have any close family to leave it to.
0
Comments
-
Re-mortgage? If the interest payments (and remortgage costs) would be lower than servicing the debt.Busterthedog wrote: »Hi,I'm 53 and my partner is 49,we own the house(no mortgage)but have lots of debt,is there anything we can do apart from downsizing?When we die we don't really have any close family to leave it to.0 -
With decent equity, there is always likely to be a solution.
The solution will be dependent upon how old, serious and the value of the adverse credit history.
Well worthwhile getting your Experian, Equifax and Call Credit reports in advance of getting a recommended broker.
All the bestI am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it.This signature is here as I follow MSE's Mortgage Adviser code of conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Busterthedog wrote: »Hi,I'm 53 and my partner is 49,we own the house(no mortgage)but have lots of debt,is there anything we can do apart from downsizing?When we die we don't really have any close family to leave it to.
Is downsizing an option? Better to clear the debt and not incur interest charges. Then you can start planning for retirement.0 -
Is this expensive unsecured credit you have and have the payments always been up to date, or do you have adverse credit information registered, such as missed payments, defaults, court judgments?
A remortgage to raise capital may be an option, with the rate dependent on your credit history. However, this is going to reschedule this debt over a longer period, so you should pay as much as you can to get it repaid ASAP.
Remember - you are also looking to secure this debt on your home and you are potentially risking your home if anything goes wrong!I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Have you considered a debt management plan to reduce your monthly outgoing?
There are plenty of companies who can do this for you, but you can also do it yourself for free by visiting gov.uk and searching for "Options for paying off your debts" - sorry new member so cannot post links
Equity release is just creating more debt and putting your home at risk.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.7K Banking & Borrowing
- 253.4K Reduce Debt & Boost Income
- 454K Spending & Discounts
- 244.7K Work, Benefits & Business
- 600.2K Mortgages, Homes & Bills
- 177.3K Life & Family
- 258.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards