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Remortgage and debt
jolly4378
Posts: 2 Newbie
Hi.
Just after some advice please. I current have approx £32k of debt on credit cards which I would like to pay off by moving house. £16K of this is on my wifes credit cards (0%). From valuations, I think we have approx £65k in equity in the house so could still put down £30k+ deposit for the next house.
My wife is completely anti doing this and I am struggling to convince her this is the right option as paying the credit debt off will take forever if we don't move. She is also worried that the debt will be racked up again if we took from the equity. My credit history isn't great so am not able to access any 0% deals.
Has anyone else been in a similar position and if so any help would be appreciated.
Cheers
J
Just after some advice please. I current have approx £32k of debt on credit cards which I would like to pay off by moving house. £16K of this is on my wifes credit cards (0%). From valuations, I think we have approx £65k in equity in the house so could still put down £30k+ deposit for the next house.
My wife is completely anti doing this and I am struggling to convince her this is the right option as paying the credit debt off will take forever if we don't move. She is also worried that the debt will be racked up again if we took from the equity. My credit history isn't great so am not able to access any 0% deals.
Has anyone else been in a similar position and if so any help would be appreciated.
Cheers
J
0
Comments
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Are you planning on downsizing to a smaller property and therefore smaller mortgage?
Her concerns are well founded. As offenders tend to make the same mistakes again. Something lenders are acutely aware of.0
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