I have loans, is debt consolidation or remortgage best new options?
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Hi, everyone. want to keep this short as possible, I have a mortgage, and three unsecured loans, for a car, a bathroom loan and a kitchen loan. so i've had new kitchen and Bathroom fitted. I am paying £900 a month for these, nearly double my mortgage cost per month, as it happens the house is old, and the roof has been leaking and the doors and windows need replacing too! So, this seems a lot of money, and with what's still needing doing windows/roof etc, would a longer term loan to consolidate these loans be best, or would a remortgage be best, lower payments but over longer term? i have no idea, i have £30.000 equity now, but without quotes and just guessing another £10.000 for doors/windows & the roof, even with equity released, i would still be 10K short to get this stuff done. so what do you think is the best way forward, to clear these loans, and still get the stuff that needs doing now done. I have 18 yrs left on current mortgage, and am only 2 yrs into their 5 yr deal. thanks in advance for options.
PS, my mortgage payments are low and i can maybe comfortably pay an extra £100 a month for the rest of the term, if i can just have one payment to cover these other loans.