Remortgage to pay off a debt - Advice please.

Spot5Flowers

Hi, first post so apologies if I get anything a bit wrong.

Myself and partner own our home with an endowment mortgage. The mortgage is for £42k, with 18 years remaining
House prices have soared here and our home would now be worth somewhere between £110-£120k.

Partner has a credit card and loan which total £18k. The repayments are around £250 a month, (with minimum payment on credit card).

My idea is to use some of the equity in our home and try to get a mortgage for £60k and repay the loan and card. That way it is 2 less things to worry about and quick research shows that the mortgage repayments would only be around £200 per month more than we pay now, so we would be paying less per month.

The endowment obviously won't cover £60k, (Can't be sure it will cover the £42k either).

So, firstly how easy is it to release equity in this way?
Is there a better way to do it?
Should we switch to a repayment mortgage?
We are both early 30's so no age worries to think of. Partner has a proper job but working on the a but I'm on a break from work. Would my previous salary be counted? My tax credit payments are practically the same as my wage anyway.

Any other advice?

(Apologies for length, I appreciate you taking the time to read this)

Mr_helpful

it should be easy enough to do. The top up could be on a repayment basis and the rest on interest only if needed

Badger_Lady

Definitely a good plan - can you afford to switch to repayment? Could be worth getting a quote and switching so that you don't have to rely on your endowment to meet the shortfall.

Alternatively, since you will be paying less than currently, could you use the difference to add to your savings (either endowment or separate policy)?

Spot5Flowers

Thanks, nice to know I'm on the right track.

I got some rough quotes and we would be able to afford to change to a repayment, but just wondering what to do with the endowment.
We've paid approx £60 a month for the last 7 years.
Just wondering whether it would be best to sell it or stop paying in to it.
Not sure what is the best thing to do.
We've no savings.