Remortgage - lots of debt

lindahh4

Hello. I am hoping for some advice. Our fixed rate mortgage ended a year ago and as our payments reduced we didn't remortgage. We have a lot of debt with credit cards and my partner now only works part time and we are both earning less than our original mortgage application. We had thought that by remortgaging and increasing the amount borrowed we would pay off the credit cards as one of my partners credit card debts is £7000 and he was turned down for transferring this card and the interest is very high. We feel stuck and are paying so much in credit card interest. We owe £15000 in credit cards and £85000 left on mortgage. Our joint annual income is £38000 although my partner does overtime each month and earns a full time salary which is an extra £10000 a year. All advice appreciated. Thank you.

Thrugelmir

You'll find mainstream lenders unwilling to consolidate unsecured debt when attempting to remortgage.

In the first instance pay a visit to the Debt Free Wannabe forum. As you need to sit down and make a plan. As how to tackle your finances. There's no easy answers other than cutting back on spending and then using the saved money to reduced your debts. You'll get plenty of advice and support on DFW.

Dave_Ham

Depending upon the absolute detail, this should be achievable although be mindful you will pay more back when you extend over a presumed longer period of time.

If you struggle, have a chat with a broker as would fancy solutions.

Good luck

lindahh4

Thank you for your responses they are much appreciated. We know it will be difficult but also wanted to reduce the amount we are paying in interest now.