Re-Mortgage advice with further borrowing

deano3

Hi,

10 month left on fixed rate of 2.93% with Natwest.

Outstanding balance £116800.

House value approx £165000

Early repayment charge £1400.

Credit card debt £11500

Home improvements £3000

Salary £31k

I would appreciate some advice on a re-mortgage with further borrowing. I have never re-mortgaged before hence why I'm asking advice.

I would like to take out a new deal and borrow more, pay off credit card debt and fund a little home improvement.

Looking at the above figures can anyone recommend the best way of doing this?

Thanks everyone and please do ask if further information would assist.

HappyMJ

deano3 wrote: »

Hi,

10 month left on fixed rate of 2.93% with Natwest.

Outstanding balance £116800.

House value approx £165000

Early repayment charge £1400.

Credit card debt £11500

Home improvements £3000

Salary £31k

I would appreciate some advice on a re-mortgage with further borrowing. I have never re-mortgaged before hence why I'm asking advice.

I would like to take out a new deal and borrow more, pay off credit card debt and fund a little home improvement.

Looking at the above figures can anyone recommend the best way of doing this?

Thanks everyone and please do ask if further information would assist.

Wait until the fixed term has expired...

Pay off the credit card that is charging interest by applying for a 0% on balance transfer credit card now which should prevent interest being charged between now and then. If you then wait 10 months before re-mortgaging the application for credit now will make zero difference.

Put the home improvements on your 0% on purchases credit card. If you don't have one then apply for one.

Anything you buy over £100 should always be put through a credit card for protection. You can take action against your credit card company if the supplier fails to deliver.

deano3

HappyMJ wrote: »

Wait until the fixed term has expired...

Pay off the credit card that is charging interest by applying for a 0% on balance transfer credit card now which should prevent interest being charged between now and then. If you then wait 10 months before re-mortgaging the application for credit now will make zero difference.

Put the home improvements on your 0% on purchases credit card. If you don't have one then apply for one.

Anything you buy over £100 should always be put through a credit card for protection. You can take action against your credit card company if the supplier fails to deliver.

Thanks for your reply. Most of the cc debt is on 0% and I do overpay every month but to be honest I'm sick of it and want it gone. I do appreciate its not the most sensible option but I do want to push on with it, with interest rates so low.