can i remortgage

clintypops

Hi guys

This is my first post on here and basically I just wondered if I'd be able to remortgage my property to pay for some of the rennovation work I've had done. This is the first home I've bought and we got it at a bargain for only 62k with a 10%deposit on a 0.5 % intrest rate. The downside was it did required modernisation as was pretty out dated . We have spent around 10k on the rennovations and have finianced this through a personal loan and some on a credit card. The house next door has gone up for sale at 85k and it is exactly the same house as ours so I think we have added some value to the property . With the loan and card it's put our monthly expenditure up and I wondered if a remortgage would be worth considering to consolidate everything into one payment or even if it was something the bank would consider now all the work is done . I'm pretty new to all this and it goes over my head a little and would like some advise on the matter or anyone who has some experience with remortgaging .

Thanks in advance

nkkingston

It's pretty risky turning unsecured debt into secured debt. You have much less control over how and when you pay it off, and any late/missed payments have significantly worse consequences. Depending on your interest rates (is the credit card 0%? Can you get one that is?), you could even end up paying more over the long term.