Remortgage

Wozza85

Anybody have experience of remortgaging and wanting to pull money out for house work/paying off Debt?
We have £195k left on  mortgage, house valued at £320k
And would like to take out £40k 
£17k credit card debt combined.
No other loans. 2 children both full time school. 

Income £85k combined.

MalMonroe

Yes, hi, I have experience of remortgaging and would never do it again. Sadly I felt I had to because my marriage collapsed and I took over the marital home and mortgage as I had a child to raise and wanted to stay in the house and the area. Although my ex didn't take any money from the house, except £4k which I agreed to, I couldn't afford to run it on my own, even though I worked full time. I had to pay for child care too as I worked. So I took out a remortgage but of course to keep the repayments reasonable, I had to add a few years onto the end of the term. It never ended and fast forward a few years to me living in rented accommodation. I'm trying very hard to save up to buy another property though. I would never, ever remortgage. Nor would I advise anyone else to do so. It seems a great idea at the time but if I had never remortgaged (I did it twice! what a moron) I'd now be sitting pretty in my own house, mortgage free. Don't do it. You've got a good joint income, you seem financially stable. You could probably apply for 0% credit cards to get rid of that debt. I really would never, ever remortgage ever again. That is, if I can ever get myself back into the market! Fingers crossed for me, I really HATE renting!! I have learned my lesson and it's been very hard. Just don't.

blue_max_3

Honestly, with a 17k credit card debt and a significant income, you really are not managing your money very well. Unless there are other factors, you are living way beyond your means already. So, I'd advise forgetting the house work and concentrate on paying off the debt and getting some savings under your belts.
Sorry to be so blunt, but you need to hear this.

Thrugelmir

Good salary. £17k in debt.  Then wanting to withdraw another £23k of equity. The reason why debt consolidation more often or not fails. Addressing the underlying issues is the only way to get a grip on the situation before life throws a curved ball. 

getmore4less

Income ~ £5kpm  mortgage ~£1kpm(depending on rate and term)

I would have a good look at your budget if you have accumulated £17k of debt with £4kpm to live off.

How much has the debt increased in the last 12months? add that to the £60k net income and work out where it all went.

Taking out £40k will put you at 75% ltv where as you are under the 65%  principality best retention rates  

Another option to free up cash is to go longer term


Did you clear your debt(£23k) end of 2018 when you moved?
Do you still have cars on finance?  (finance deals and contracts are a form of debt as they are ongoing commitments)

Wozza85

Think the plan will be to work on clearing some of that 17K debt before freeing up some equity from the house for house work.