What An Idiot I Am

Money_Mad_3

Just reading through my mortgage papers and would have paid our house in 2010 only took out a remortgage to clear off our debts as we felt we were being snowed in. paid them off and didn't realise that our credit reference for 6 years is crap! looking back now should have paid weekly sums off them but as you all know the hassle you get when disaster strikes.

We are with the dreaded GMAC and interest rates have gone up appox 5 times paying interest rate 8.90% at the moment and tied in until March 2008 then have to pay to get rid of them dees production fee £40and a redemption administration fee approx £115 and this mortgage was over 25 years thought we would do this to keep the payments down. HAVE I GONE MAD!!!!!!!!!!!!!!!!!!:mad:

Have to get out of this one in March feel sick :eek: at what we have done. Any advice. Should we take out 10 year mortgage or keep to 25 years and try and pay it off.

silvercar

Don't look back, look forward. We all would have done things differently in hindsight. If you had offered weekly sums to your other debts, the phone would have kept ringing and baliffs appeared at the door...

In March, you will have to see what sort of deal you can get. Decide on a repayment level that is affordable; there is no point building up other debts to get rid of your mortgage quicker. Your mortgage will have a long term cheaper interest rate than other borrowing.

In the mean time, get hold of your credit ratings and check that they are correct.