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2 year plan
jan875
Posts: 34 Forumite
Hi,
I have been looking at options to clear unsecured debts. I know that it is not generally advisable to remortgage to secure unsecured debts, however I feel that we are getting older and I need it sorted.
We accept that right not we would not be approved for a remortgage so we are going to keep on paying the debts off for 18-24 mnths longer. In theory, and if the market remains as it is now, would this work....
remortgage property valued at 165,000 with 65,000 mortgage remaning, to clear 25k debt. This would leave us with a 90,000 mortgage but not other debts. This would allow us some financial freedom, although I would definitely look at overpaying, using a chunk of the money that we had previously been throwing at our unsecured debts.
Do high street lenders do these sort of remortgages? the only other option would to sell up, take the 25k of equity to pay off debts and then find a new house and use the remaining 100k equity as a deposit.
Any advice greatly received. I know that the general consensus is to not remortgage to pay debts, but I just want to know if it's possible, as opposed to whether you agree with it or not.
thanks in advance.
I have been looking at options to clear unsecured debts. I know that it is not generally advisable to remortgage to secure unsecured debts, however I feel that we are getting older and I need it sorted.
We accept that right not we would not be approved for a remortgage so we are going to keep on paying the debts off for 18-24 mnths longer. In theory, and if the market remains as it is now, would this work....
remortgage property valued at 165,000 with 65,000 mortgage remaning, to clear 25k debt. This would leave us with a 90,000 mortgage but not other debts. This would allow us some financial freedom, although I would definitely look at overpaying, using a chunk of the money that we had previously been throwing at our unsecured debts.
Do high street lenders do these sort of remortgages? the only other option would to sell up, take the 25k of equity to pay off debts and then find a new house and use the remaining 100k equity as a deposit.
Any advice greatly received. I know that the general consensus is to not remortgage to pay debts, but I just want to know if it's possible, as opposed to whether you agree with it or not.
thanks in advance.
0
Comments
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any advice..... please....0
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You asked about this 3 days ago
https://forums.moneysavingexpert.com/discussion/comment/72162868#Comment_72162868
You really need a debtfreewanage SOA review of your finances as with £70k income you should be able to nail the debt fairly quickly0 -
found your SOA post from last year time for an update.
https://forums.moneysavingexpert.com/discussion/comment/70641536#Comment_706415360
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