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Releasing equity - HELP PLEASE
Bjl19901317
Posts: 1 Newbie
Hello,
This is my first time using these forums so this may belong elsewhere.
I'll try and give as much info as I can but be as quick as possible. Basically my fianc! and I have found ourselves in around £10,000 worth of debt. I'm currently on maternity leave so Things are quite tight, the option for me to go back to work early isn't really feasible as we have another child who is due to start school soon and he has special needs so may not be back at school for full days so my hours would be greatly reduced even if I did go back early.
According to zoopla our house is worth 190,000 (we have a total mortgage outstanding as of 31.12.16 of £148,498.65 and our original borrowing was £151,200), we bought it in July 2015 and it's our first house. Is it an option to try and get equity out of the house, or remortgage it to cover most or all of our debt? Even if it was just 5,000 we raised it would help hugely. The other option would be to take a mortgage holiday but from what I've read that isn't the best thing to do and Santander willing to do this very often.
Is the above even an option? Will it negatively effect us in any way in the future that I'm not aware of?
I'd really appreciate any help you can give, thanks in advance.
This is my first time using these forums so this may belong elsewhere.
I'll try and give as much info as I can but be as quick as possible. Basically my fianc! and I have found ourselves in around £10,000 worth of debt. I'm currently on maternity leave so Things are quite tight, the option for me to go back to work early isn't really feasible as we have another child who is due to start school soon and he has special needs so may not be back at school for full days so my hours would be greatly reduced even if I did go back early.
According to zoopla our house is worth 190,000 (we have a total mortgage outstanding as of 31.12.16 of £148,498.65 and our original borrowing was £151,200), we bought it in July 2015 and it's our first house. Is it an option to try and get equity out of the house, or remortgage it to cover most or all of our debt? Even if it was just 5,000 we raised it would help hugely. The other option would be to take a mortgage holiday but from what I've read that isn't the best thing to do and Santander willing to do this very often.
Is the above even an option? Will it negatively effect us in any way in the future that I'm not aware of?
I'd really appreciate any help you can give, thanks in advance.
0
Comments
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Your ability to borrow is going to be based on affordability.
Suggest speaking to an independent broker to establish most cost-effective options.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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