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Debt Consolodation mortgage
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Davey1
Posts: 3 Newbie
Ok, in a nutshell
House Value = 300k
Outstanding mortgage = 125k @ £675/month 21 years left
2 x Personal Loan = 20k @ 430/month 50 payments left
3 x Credit Card balances = 23k
Spent 70k improving house some from savings and the rest from the above borrowing
My income 31k + 10k overtime and bonus (7k of which is guaranteed)
Partners income 11k
Although can afford payments on all debts keep on wondering whether or not id have been better to put in onto the mortgage. I know mortgage lenders are a bit dubious of high personal debt including mine (yorkshire building society) . Mortage advisor told me the current debt levels would mean they couldnt offer me enough to clear it. I'd like to remortgage but not at a massive interest rate. Curent rate is 3.74% but fix coming to an end in 6 months
Any advice greatly appreciated
Cheers
House Value = 300k
Outstanding mortgage = 125k @ £675/month 21 years left
2 x Personal Loan = 20k @ 430/month 50 payments left
3 x Credit Card balances = 23k
Spent 70k improving house some from savings and the rest from the above borrowing
My income 31k + 10k overtime and bonus (7k of which is guaranteed)
Partners income 11k
Although can afford payments on all debts keep on wondering whether or not id have been better to put in onto the mortgage. I know mortgage lenders are a bit dubious of high personal debt including mine (yorkshire building society) . Mortage advisor told me the current debt levels would mean they couldnt offer me enough to clear it. I'd like to remortgage but not at a massive interest rate. Curent rate is 3.74% but fix coming to an end in 6 months
Any advice greatly appreciated
Cheers
0
Comments
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Find another broker. This seems like a bread and butter case for a broker.I am a Mortgage AdviserYou 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.0
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Yeah think i'll do that. Only asked my current lender but wondering if anyone had expperience of something similar and who they ended up with. Cheers0
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Youll be fine with someone who has some experience behind them.I am a Mortgage AdviserYou 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.0
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Cheers.
Thanks for your input.0
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