remortgage or sell

shopadict

we currently have a reasonably small mortgage and a good bit of equity in our current property. We have built up a bit of debt, would we be better to sell our property, pay off the mortgage and debts leaving us with enough of a deposit on a new property, or remortgage adding our debts to our existing mortgage? not sure what to do for the best

Wilkins

How about paying off the debt? Seriously, no one can really advise you unless you post some detail about your circumstances.

giblet1979

Hi,
I'm sure it would depend on a lot of factors e.g.
How much debt you owe
Whether or not you were planning on moving house anyway (are you thinking of moving area/ downsizing etc?)
Whether you can budget to pay off the debts, and maybe save a small amount at the same time (emergency fund / deposit).
Perhaps if you would be willing to give more detailed information, I know there are lots of very knowledgeable and helpful people on here who could offer advice / suggestions?
Hope this helps.

longtermplanner

Why have your debts built up? If you are regularly spending more than your income, then this is the issue that has to be tackled. Just remortgaging won't solve that problem!

What is your credit rating like?

Is your property larger than you need? if so have you thought about renting out a room and using the income to clear your unsecured debts?

There really aren't any simple answers to this sort of question. Thiswebsite tries to look at complicated big decisions: http://debtcamel.co.uk/hard-choices/sell-house/