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Remortgaging/ Credit Card debt/ Maternity!
jedrew
Posts: 1 Newbie
Hi All,
I'm looking for some advice on a financial dilemma I'm having.
My partner and I are due our second baby in November. We would both like her to take as long as possible off work (10 month - year if possible)
We have a significant amount of cc debt, but also a lot of equity in our house ( a lot more than our cc debt*).
There's no way we can cover all the bills and cc debt repayments on my salary when my partners on Mat leave.
Should I:-
1) Remortgage (due in Jan 22), take some equity out the house to cover the CC debt and Mat leave?
2) Take out a personal loan to cover the Mat leave loss of earnings
3) A mix of both
4) Do something completely different?
Any help or advice on this would be greatly appreciated, as I'm at a bit of a loss!
*The CC debt built up from home improvements and 2 unforseen financial issues over the past 4 years.
I'm looking for some advice on a financial dilemma I'm having.
My partner and I are due our second baby in November. We would both like her to take as long as possible off work (10 month - year if possible)
We have a significant amount of cc debt, but also a lot of equity in our house ( a lot more than our cc debt*).
There's no way we can cover all the bills and cc debt repayments on my salary when my partners on Mat leave.
Should I:-
1) Remortgage (due in Jan 22), take some equity out the house to cover the CC debt and Mat leave?
2) Take out a personal loan to cover the Mat leave loss of earnings
3) A mix of both
4) Do something completely different?
Any help or advice on this would be greatly appreciated, as I'm at a bit of a loss!
*The CC debt built up from home improvements and 2 unforseen financial issues over the past 4 years.
0
Comments
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@jedrew Very generally speaking, there may also be the option of a further advance / additional borrowing from your current lender to consolidate the debt.
To state the obvious, debt consolidation of unsecured debt on to your mortgage should be only considered after careful thought and understanding the pros and cons.
Which of all these options is best for will depend on your specific circumstances. Good luck!I am a Mortgage Adviser - You 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.
PLEASE DO NOT SEND PMs asking for one-to-one-advice, or representation.
1
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