re mortgage how does it work ? help needed

deb788

Hi

We bought a house a year and a half ago and as I recieved alot of help on here at the time of looking at mortgages ect I thought I would ask again

The term of our fixed rate is up in 6 months and we will be looking at switching deals

We have a few debts that I would like to pay off and was wondering how it works when you re mortgage and they give you funds to pay off debts

The house purchase price was 176995
We paid 15% deposit
Think the house value has gone up to about 181000

Thanks in advance

Bufger

you havent said how much you have since paid off.

Whats the current balance of the mortgage?
Whats the size of the debt? Is it secure or not?

The objective with a mortgage should always be to get the best rate and use the snowball effect on each renewal. If you've now gone from a 85% LTV to a 75% LTV you'll get a much better deal and free up some monthly cash to service your debt.

Personally I manage small debt without looking to consolidate. I want to get as far away from risking the family home as possible.

deb788

Thanks for the reply we have paid off 13000

Thrugelmir

What's a few debts? £100. £1,000 or £10,000......

deb788

Sorry been unable to reply as my mum has been in hospital . Would need about 7k ideally .

mrginge

deb788 wrote: »

Thanks for the reply we have paid off 13000

Are you sure?

Have you actually paid off 13k or have you just added up your mortgage payments to date?