Lots of equity but unable to remortgage enough

ohdear66

Thanks for this...we are currently with Birmingham Midshire who no longer do anything for homeowners on a tracker mortgage. We are paying £661 per month but as you say we are paying a lot more ontop with cards and loan. Thanks for your time everyone : )

dimbo61 wrote: »

Taking Barclays as they have offered you a remortgage ( not sure who your current lender is!)
£156,000 + £26,000 + £10,000 + £999
£193,000 mortgage at 2.99% ( Ten year fix at 2.99% fee £999) over 35 years is £741.68
Now this mortgage as with most fixed rate deals allows 10% overpayment each year so overpaying to reduce the term to
26 years would mean £891 a month
Not Advice just gives you an idea of how much it would cost to take the fix over 26 years.
Guess you are paying a whole lot more than that now?

Thrugelmir

ohdear66 wrote: »

I was made to think that it would be silly of me to add another 9years back onto my mortgage or is that no so? (by family)

In order to act responsibly the lender has to make an offer which is affordable. Not just today but allow for changes in interest rates in the years to come. Lenders are not going to fall into a mis-selling trap after the PPI debacle. As others have said opt for a product which allows overpayments. Your mortgage will then naturally be paid off quicker.

You need to address the issues of why your debts came about as well. Remortgaging is only the answer. You still need to find the solution. So that you don't reoffend.

shortchanged_2

ohdear66 wrote: »

We bought the house in September 2006 for £216k and now worth £360k our current mortgage is £156k

Just out of curiosity where abouts in the country are you that your house has gone up in value £144k since 2006? I know you say you have done a loft but that is quite some increase from what was quite a high point in the market in 2006.

nubbins

zodzo wrote: »

Thinly veiled "I have a lot of money" thread

yawn

Sounds more like jealousy mate, give up that gambling.