advice on my current finances please worrying a lot!!!

mr_pies

hello everyone, first time poster so please be gentle with me!!

Currently my monthly outgoings are as follows:

mortgage 612
personal loan 130
council tax 69
tv licence 10
gym 46
house insurance 33
i.net 21
water rates 30
gas 40
electric 25
credit card balance 1300

Both my bank accounts are 1200 overdrawn also.

The gas water and electric are assumed usage, its a little less so ive rounded it up.

The personal loan was for a new bathroom and boiler that had to be done last year. My problem is now my roof is totally shot, its leaking and ruining my ceilings upstairs. Had a quote and my friend is doing it cheap at 3200.

What i plan to do is borrow 20k out my mortgage pay off all my debts, put my bank accounts out of the red and get the roof done. I can do this with only 12k but figured that instead of wanting to get the rest of the house finished in 12 months, ( kitchen needs replacing, driveway and upstairs bedrooms are in dire need of redecoration) have the 20k now and get it done asap if that makes sense??

My wages are strabge as on a totally flat month i would take home 320 per week, however i do shifts and tonnes of overtime, last week i took home 900 alone. For the 20k over the remainder of my mortgage term is an extra 147 a month, the extra 12k was 88 per month.

I guess really i am after some advice and reassurance before taking on such a big commitment. I have only been in my new job for 3 months and have been told there is always overtime. I just worry that if it did go on a flat month i would struggle to live.

Can anyone give me some advice tonight please? I will be on my computer all night so can reply quickly!!

Thank you everyone in advance

mr_pies

sorry forgot to mention, outstanding balance on loan is 5734

jonesMUFCforever

IMO you should base your decision on whether you can afford the loan by using your flat month salary.ie worse case scenario.
Overtime might be available now but will this continue for ever?
If so the company you work for appears to be under staffed!
If you do a lot of overtime watch out for the EU limits on the amount of hours you can work!

IoweIoweitsofftoworkIgo

Depending on who you approach for the additional mortgage, they may not take into account the overtime payments you receive, therefore giving them an average snapshot at your minimum income. They should then take into account all your new outgoings, inc the new mortgage, exc the loans you are repaying & will then make a decision based on your disposable income.

Make sure that you inform your mortgage arranger of the true facts, as the last thing you want to do is worry about paying a secured loan.

BTW, have you considered making a claim for the roof & damage under your house insurance? I know that with mine, although the roof itself isn't covered for wear & tear, the water damage is, so, in theory, all decorative repairs inside the house caused by the leaky roof would be covered.

HTH