Remortgaging - Debt Consolidation

jackieblack

You would be better off tightening your belts a bit and getting the credit cards paid off.
You state you have a joint income of £3200 pm and outgoings of £2200 including £3-400 paying the credit cards. This leaves you £1000 surplus a month and total cc debt of £13200.
Instead of prolonging and increasing the amount of interest you'll pay over years and years (totally wasted money), you could get those paid off completely in about a year, if you bite the bullet, focus and make it a priority, leaving you much better off every month and without the burden of credit card debt hanging over you.
Also, without needing to consolidate the debt you will be in a better position to get an improved rate when you remortgage. Win win!
Short term pain for long term gain.

charlie_2015

That is what we were planning to do until my Mrs fell pregnant. I would be much happier to have it paid off before the new one arrives. Also when we come to remortgage we won't have a dependant at that time so want to make the most of having better "affordability".

sammyjammy

charlie_2015 wrote: »

Any further advice?

Don't do it. Seriously, you say your wife is pregnant and you know that will impact affordability, there is a reason for that......

getmore4less

you keep talking about paying of the credit cards you are not you are transfering the debt.


you won't be getting 1.5% if you load up the mortgage might if you can get under 80%LTV

Look for a good rate on the mortgage and throw everything at the CC if you don't want to carry over 0% for much longer.

you already have the mortgage on a 30year term so not much you can do with that other than get a better rate. 1.5% £383pm


what rate is that loan?